{"id":133519,"date":"2023-04-05T14:28:30","date_gmt":"2023-04-05T21:28:30","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=133519"},"modified":"2023-04-05T14:28:30","modified_gmt":"2023-04-05T21:28:30","slug":"central-bank-of-sri-lanka-mulls-criminal-action-against-suspects-of-47-million-crypto-scam","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/04\/05\/central-bank-of-sri-lanka-mulls-criminal-action-against-suspects-of-47-million-crypto-scam\/","title":{"rendered":"Central Bank of Sri Lanka Mulls Criminal Action Against Suspects of $47 Million Crypto Scam"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>https:\/\/beincrypto.com\/<\/em><\/span><\/h2>\n\n\n<ul class=\"wp-block-list\"><li>The Sri Lankan Central Bank is considering charging suspects involved in a crypto pyramid scheme that saw investors lose $47 million.<\/li><li>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.<\/li><li>Countries with high levels of inflation have historically seen more widespread crypto adoption and have become victims of multi-million dollar scams.<\/li><\/ul>\n\n\n\n<p>The scam offered a 500% return to victims of runaway\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/beincrypto.com\/learn\/protect-yourself-from-inflation-using-cryptocurrency\/\" target=\"_blank\">inflation<\/a>, who were unaware that Sports Chain was a nonexistent cryptocurrency.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sports-chain-victims-look-for-central-bank-charges-to-recover-funds\">Sports Chain Victims Look for Central Bank Charges to Recover Funds<\/h2>\n\n\n\n<p>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%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":["post-133519","post","type-post","status-publish","format-standard","hentry","category-crimes"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/133519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=133519"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/133519\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=133519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=133519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=133519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}