Is this the real deal? A crypto scheme promises 3x returns

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Hi readers,

I’m not much of an investor. The only kinds of investments I have made are in index funds, government bonds, and Pokemon cards. The last kind has been picking up lately: A holographic Chansey was reportedly sold for US$25,000 not too long ago.

This is the part where I flex about how buying Pokemon cards a decade ago has paid off handsomely, except that I have no such foresight – I threw away all of my cards three years ago.

So yes, I have little to no investment experience, but when an investment scheme guarantees you 3x returns in 14 months, I do know that sounds a little sus.

Today we look at,

• A crypto investment scheme that sounds too good to be true
• Nas Academy banks US$11 million in funding
• Other newsy highlights including Malaysia’s first unicorn and how upGrad’s employees cashed out

PREMIUM SUMMARY

A crypto investment that guarantees 3x returns in 14 months

Remember how Dogecoin was the hot topic in May? The memecoin’s value has plunged since then. Investing in cryptocurrency has always been a risky game, but a crypto investment scheme in Indonesia promises a surefire way to get a 3x return on investment in 14 months. Is it too good to be true?

• Sign me up: VidyCoin Community Indonesia is the group promoting this lucrative cloud-mining investment scheme that involves VidyCoin, a cryptocurrency launched by Singapore adtech company Vidy.
• What’s Vidy? Launched in 2016, Vidy’s main product is a video advertisement solution that counts Vogue Singapore, CNN Indonesia, and CNBC Indonesia as clients. VidyCoin, which the company uses to facilitate its solution, had a market value of US$76.7 million in April 2021, though that figure has since fallen to US$18.9 million.
• What’s the issue? The group’s practices around its crypto scheme have come under scrutiny: It promises high returns but provides sparse detail about its cloud-mining operations. It also takes months for investors to cash out, and members get higher returns if they bring in more people – a common multilevel marketing scheme technique.

As a company, Vidy denies being involved with the scheme run by VidyCoin Community Indonesia, but there are videos that show the firm’s CEO participating in online events organized by the community.

Read the full story: Disavowed Indonesian crypto scheme promises sky-high profits, and investors are biting

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