A fake cryptocurrency scheme has been exposed by VAJA resulting in the arrest of many people and the firing of the CEO of Tehran stock exchange Ali Sahraei. The fraud persuaded hard working citizens to invest in fake cryptocurrency King Money known as KIM. Investors were then refused return investment due to speculative trading.
What is very understanding about this fraud is that crypto machines were found in building of Tehran stock exchange resulting in the firing of of Mr Sahraei. This is contradictory to a new law that has banned the mining of cryptocurrency due to lack of electricity in Iran resulting in blackouts.
This is yet another example of corruption in the Iran where it is one rule for upper classes and another for lower classes that want to make extra money using technology. Many raids have happened against small businesses and homeowners who mined cryptocurrency but this appears to be the first high profile exposure. It will be interesting to see what charges are brought against the fraudsters and whether Mr Sahraei will be held criminally responsible along with others who have been arrested.
