Scam Alert: ‘We Grow Bitcoins’ Ponzi Takes Shape

WeGrowBitcoins, a suspected ponzi scheme abusing bitcoin has gained attention in a local media platform in New Zealand.

The alleged pyramid scam involves new members ‘donating’ money in bitcoin (0.01 BTC or $25) with promised returns of 67.76 BTC (approx. $175,000) has reportedly roped in 1,300 members worldwide.

“Wegrowbitcoins is an online peer to peer donation system built for the welfare of the community,” the website states. Describing it as a peer-to-peer donation platform, the website says it operates a platform which can be accessed by members for a monthly subscription fee. “Platform access allows members to receive donations directly into their bitcoin wallet from other members,’