Morris Coin is not a true cryptocurrency and upon reviewing their website and service so far, it is confirmed that there is nothing that confirms the legality and authenticity of the Morris coin in India and is not a great investment option. I hope this answers your question that Morris coins are not legal in India and are not a safe option to invest your hard-earned money. Last update – 30-09-2020 after the self-proclaimed ICO and the listing of the Morris coin on the stock exchange. Read to the end to learn more about the fake ICO list of the Morris coin. Morris Coin is nothing more than a silver chain like Rocket Hub and a few others launched this year. All these scam companies have something in common, they try to confuse users with terms such as multi-level marketing, blockchain, cryptocurrency and make them believe that these are future technologies and that many people will end up investing their money in these scam companies. The Indian Law Enforcement Branch has seized assets worth approximately $5 million related to an alleged Morris cryptocurrency scam that defrauded investors of $162 million. The proceeds of crime were used to buy cryptocurrencies. As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. He is interested in the areas of Bitcoin security, open source systems, network effects and the interface between business and cryptography. The GainBitcoin Ponzi scheme has shaken up the Indian crypto market and with the death of the main accused Amit Bharadwaj, it is unclear whether the victims will get their invested money back. Have you ever visited the Morris Coin website? This is one of the most suspicious and fraudulent websites I`ve seen in the near past. They have no legitimate information about founders, official addresses, or technical information about the currency.
Also Read: Crypto Markets Continue to Recover; Bitcoin nearly $47,000 «During the investigation, all of the above cryptocurrencies. were converted into Indian rupees and transferred to the bank account by the owner of the coins, which were seized,» the ED statement said. Chances are your friend invited you to invest in Morris Coin and become the next millionaire by investing ahead of the ICO. But how reliable is this Morris part? Have you done your background check before investing your hard-earned money? I will tell you all about this new coin and why you should stay away from this scam and not invest in it. If you are really interested in earning free crypto coins legally, check out the tip below that I use to earn a decent number of coins without investment. Coinswitch is India`s best platform to invest in 100+ cryptocurrencies, including Bitcoin. You can sign up via the link below and receive a bonus of ₹150 Bitcoins when you complete KYC. After the arrest of Kannur-born Nishad, many transactions under seal were discovered. Nishad, chief executive of Longreach Technologies, was arrested in October 2020 for operating a tiered Ponzi scheme that brought together 15,000 people over Rs 11 lakh to invest in Morris coins. This is a piece originating in Kerala and the founders and investors are mainly from Kerala.
You have a referral and earning program that is very lucrative and has the potential to make a lot of money by cheating on your friends. The system involves a non-existent cryptocurrency called Morris Coin. Nishad and his companies conducted an initial coin offering (ICO) for the coin and raised funds from investors. The CEO explained that they held «promotional events in the presence of celebrities» and used «eye-catching websites» to attract investors. Police said more than 900 investors had been swindled of Rs 1,200 crore. It has been discovered that many Keralites have been scammed of crores by rupees, with the promise of making attractive returns by investing in Morris coins. The crypto scam involved a non-existent cryptocurrency called Morris Coin. Nishad and her associates made an alleged initial coin offering for her and raised funds from «investors.» These investments were received from various companies owned by Nishad, including M/s Long Rich Global, M/s Long Rich Technologies and M/s Morris Trading Solutions. One of the reasons for the strong momentum of the Morris coin is that they claim that the chances are very high for early investors to make a huge load of money if the coin is launched with the example of Bitcoin. And everyone is so intrigued by the peak of cryptocurrencies like Bitcoin, Ethereum and everything since the first investors are now millionaires.
The ED learned during the investigation that Nishad, the main accused, had named various people who had invested at least Rs 10 lakh as pin-dealers and Nishad promised them that he would give 5% as commission on the investment. They aggressively enrolled new members in a system of illicit money circulation under the guise of multi-layered marketing, resorting to the fraudulent practice of investing money received from investors in the Morris Coin Cryptocurrency plan. Morris Coin is another ICO cryptocurrency scam that surfaced from Kerala, South India, a few months ago. Many of my friends have been victims of this fake coin and they claim that the Morris coin is a cryptocurrency that is waiting for the ICO very soon. According to the investment brokers` analysis group BrokerChooser, more than 100 million people in India have actively or passively invested in crypto, the highest in the world. Major cases include the GainBitcoin scam led by Amit Bhardwaj, the Bitconnect scam and other crimes involving OneCoin, ATC Coin, etc. The raid was carried out when a certain sum was deposited into the actor`s bank account by the main defendant in the Morris Nishad scam. You also get ₹₹50 of Bitcoin for every friend you refer to full KYC. New to Bitcoin? Check out CoinGeek`s Bitcoin for Beginners section, the ultimate resource guide, to learn more about Bitcoin — as originally envisioned by Satoshi Nakamoto — and blockchain. While ED Inc42 sources have previously stated that Bhardwaj has access to over 82,000 bitcoins worth $5 billion today, the Bitconnect scam may have included $3 billion to $15 billion.
According to the developers, Morris Coin is a cryptocurrency developed using blockchain technology. However, authorities have clarified that Morris Coin is not listed on any of the exchanges, making trading impossible. There were several audio clips that spread about the Morris coin, that they are all ready for the ICO and please don`t trust him, they have no authentic information and everything they spread is fake. To learn more about how cryptocurrencies work, click here to go to Wikipedia. Morris Coin is not a legal cryptocurrency in India. The company listed 10 Morris coins at INR 15,000 with a 30-day lock-up period. Investors have had access to an e-wallet and have been assured that the value of the coin will increase shortly. Kozhikode: The Directorate of Law Enforcement (ED) uncovered a Morris coin fraud worth Rs 1,200 crore during raids carried out by the agency in 11 locations across the country, including three in Kerala. You may have come across the screenshot below, which states that the Morris coin was listed on the Paybito crypto exchange and this screenshot surfaced via WhatsApp today. Take a moment to understand the MRC, it`s not a Morris coin, it`s a microcurrency that is a completely different cryptocurrency. Morris Coin`s marketing team rigorously spammed the screenshot below, claiming they were listed on a trusted coin exchange, but this is an unreliable source of information to fool users.