Kazakhstan has confiscated digital assets worth 474,000 USDT, equivalent to 212 million tenge, from the organizers of the CVK financial pyramid. According to the Agency for Financial Monitoring, the funds have been transferred to the state, and the scheme's organizer has been convicted, infohub.kz reports.
According to the AFM, Kazakh citizens were lured by the purchase of non-existent virtual stores, with promises of daily income and bonuses for new investors.
"Participants in the project were asked to deposit funds in USDT cryptocurrency to purchase virtual stores priced from $120 to $49,000. In return, they were promised daily income and additional bonuses for attracting new investors," the AFM said.
The goods listed in the virtual stores did not actually exist. Income depended on attracting new participants and their deposits. The deposits were transferred in USDT cryptocurrency via the OKX platform to electronic wallets.
As part of operational measures, crypto assets worth 474,000 USDT, equivalent to 212 million tenge, were frozen. The court ordered the confiscation of these digital assets to the state.
The organizer of the structural unit of the financial pyramid, Kairbayev S.Sh., was sentenced to two years of restricted freedom with confiscation. The sentence has entered into legal force.
Earlier, it was reported that fake AFM employees extorted 15 million tenge from a medical worker in southern Kazakhstan.