Italian authorities protect investors from fraud

Italian authorities have taken measures to protect local investors by temporarily banning investments in two dubious crypto projects. In a special advisory, the National Commission for Social Affairs (CONSOB) identified a number of websites and Facebook pages where it has banned the sale of potentially counterfeit Bitsurge tokens and Green Energy certificates.

CONSOB is the equivalent of the US Securities and Exchange Commission and is the main financial regulator in Italy.

The Bitsurge scheme offers special “token contracts” that promise monthly income. According to the project, an investment of $1,000 will bring the investor six percent income monthly.

The second project raises no less questions. CONSOB has identified several Facebook pages offering "Green Earth Certificates". These are apparently fake blockchain tokens advertised as plots of land in the Costa Rican rainforest.

The associated marketing materials promise a six percent annual return on the land purchased. According to the project, this is possible because the oxygen produced is believed to be monetized through undisclosed agreements with local governments.

“Purchased rainforest parcels will be sold on the Green Earth platform (at 80% of the purchase price), with a six percent annual return,” says Green Energy’s  advertising campaign.

As with all classic Ponzi schemes, both projects claim that the more money the investor puts in, the more money they will get profit.

CONSOB reports that the mysterious company Avalon Life is responsible for both tokens. The company says it provides educational and innovative solutions in the field of blockchain technology.

According to thenextweb.com