Central Bank of Sri Lanka Mulls Criminal Action Against Suspects of $47 Million Crypto Scam
Posted on April 5th, 2023

https://beincrypto.com/

  • The Sri Lankan Central Bank is considering charging suspects involved in a crypto pyramid scheme that saw investors lose $47 million.
  • During a period of economic turmoil in the country, investors disposed of expensive assets to obtain the funds needed to invest in the scheme dubbed Sports Chain.
  • Countries with high levels of inflation have historically seen more widespread crypto adoption and have become victims of multi-million dollar scams.

The scam offered a 500% return to victims of runaway inflation, who were unaware that Sports Chain was a nonexistent cryptocurrency. 

Sports Chain Victims Look for Central Bank Charges to Recover Funds

Victims investing $47 million in the scheme reportedly pawned jewelry, refinanced property, and sold vehicles amid runaway inflation. The economic turmoil that gripped the island nation since Aug. 2022 saw inflation reach 50.6% in Feb. 2023. It has since slowed marginally to 50.3%.

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