Share this article
FTC Sending More Than $470K to People Duped by My7Network, 'Bitcoin Funding Team' Scams
The FTC is sending PayPal payments totaling more than $470,000 to people who lost money to two pyramid schemes involving cryptocurrencies.
Updated Sep 14, 2021, 10:27 a.m. Published Nov 4, 2020, 6:56 p.m.
The Federal Trade Commission (FTC) said it is sending PayPal payments totaling more than $470,000 to people who lost money to two pyramid schemes involving cryptocurrencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- According to the FTC, the defendants promoted Bitcoin Funding Team and My7Network, which falsely promised that participants could earn large sums of money by paying cryptocurrency such as bitcoin or litecoin (LTC) to sign up.
- However, Bitcoin Funding Team and My7Network were pyramid schemes that depended on the recruitment of new people to make money. Most of the participants in the schemes failed to recoup their initial investments, the FTC said.
- As part of the settlement, the FTC will send 7,964 refunds through PayPal beginning on Nov. 5. The average refund is about $59.
- The more than $470,000 in payments follows agreements by the scheme's principals who agreed in 2019 to pay more than $500,000 in total under terms of the settlement.
Read more: FTC Settles With Promoters of Multi-Level Marketing Crypto Scheme
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
What to know:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
