 OSGoldP. Carl Mullan
Chapter Chapter 8 in A History of Digital Currency in the United States, 2016, pp 205-228 from Palgrave Macmillan Abstract: Abstract The years 2001–2004 was a prosperous period of growth for new digital currency systems. This increase also produced millions of new unsuspecting victims who became targets of online fraudsters. Purported to be a digital currency backed by gold bullion, the Off-Shore Gold (OSGold) system was a complete fraud. Hidden behind a legitimate façade, OSGold was only an online method to accept Ponzi funds into the HYIP named OSOpps. The OSOpps Ponzi operator simply stole users’ funds, including the money deposited to OSGold digital currency, and then fled to Mexico. This chapter is a fascinating look into independent segments of the digital currency business that support the financial activities of online Ponzi schemes. Lawsuits that followed the Ponzi’s collapse attempted to assign liability to the Ponzi’s foreign bank partners and digital currency exchange agents. Keywords: Off-Shore Gold; OSGold; OSOpps; Osrecovery; Lateko Bank; Parex Bank; HYIP; Ponzi scam; Prepaid debit cards (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:paiecp:978-1-137-56870-0_8 Ordering information: This item can be ordered from DOI: 10.1057/978-1-137-56870-0_8 Access Statistics for this chapter More chapters in Palgrave Advances in Economics of Innovation and Technology from Palgrave Macmillan |
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