GainBitcoin Scam May be India’s Biggest Crypto Ponzi Scheme; Dogecoin Investor Files Case Against Elon Musk

According to new estimates, the GainBitcoin ponzi scam may have gathered around 3,85,000 to 6,00,000 Bitcoins. Meanwhile, $258 billion class action lawsuit filed by Dogecoin investor against Elon Musk.
GainBitcoin Scam May be India’s Biggest Crypto Ponzi Scheme
GainBitcoin Scam May be India’s Biggest Crypto Ponzi Scheme

The GainBitcoin scam that hit the headlines few years back has turned out to be bigger than previously thought. According to new reports by various media sources, the GainBitcoin scam duped more than 1 lakh people in various states like Maharashtra and Punjab. It is now estimated that this Bitcoin ponzi scam has gathered Rs 1 trillion in Bitcoin assets but since the price of Bitcoin has now crashed, the actual figure might have been more.

In other news, Keith Johnson has filed a $258 billion class action suit in New York against Elon Musk. Keith is alleging that Elon Musk defrauded investors of Dogecoin and he believes it is nothing but a “Dogecoin Crypto Pyramid Scheme,” as per various media sources.

Cryptocurrency Prices

The global crypto market capitalisation went down by 7.07 per cent to 893.91 billion as of 8.50 am. The global crypto volume was down by 40.45 per cent to $75.92 billion, as per Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,648.01, lower by 8.36 per cent in the last 24 hours. Ethereum (ETH) was down by 10.67 per cent to $1,089.80. 

"Investors have fresh worries about rising prices, global tumult and a looming recession. The market leaders and other major altcoins continue to be in shades of red," says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 7.09 per cent at $0.4889, Algorand (ALGO) was trading with a loss of 8.09 per cent at $0.3063, Solana (SOL) was trading with a loss of 11.09 per cent at $30.52, Polkadot (DOT) was down by 13.2 per cent at $7.23, and Binance Coin (BNB) was down by 7.43 per cent at $214.53.

Today’s top gainer was ELEF WORLD (ELEF), which was up by 846.89 per cent at $0.00008969. The top loser was Reflecto (REFLECTO), which was down by 91.66 per cent at $0.0000000001361. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 7.16 per cent at $0.05629. Its volume to market cap ratio stands at 0.09307. Rival Shiba Inu (SHIB) was down by 5.06 per cent at $0.000008165.

Dogelon Mars (ELON) lost 8.93 per cent to trade at $0.0000002715, Floki Inu (FLOKI) was down by 8.69 per cent at $0.000005904, and Samoyed Coin (SAMO) fell 6.79 per cent at $0.003994. 

In the DeFi segment, YFI ( was down by 9.59 per cent at $4,759.98, and Terra Classic (LUNC) was trading with a loss of 4.66 per cent at $0.00005836. Avalanche (AVAX) was down by 10.51 per cent at $16.09, Uniswap (UNI) was trading with a loss of 9.85 per cent at $3.86, and Aave (AAVE) fell by 11.25 per cent at $57.65.

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