According to the National Consumer Commission, about 4,000 South Africans who invested in a bitcoin mining equipment supplier, Obelisk, may have participated in a pyramid scheme. The commission said participants in the pyramid scheme may have lost as much as over $6 million. Obelisk Used Social Media Platforms to Lure Victims A South African consumer watchdog, the National Consumer Commission (NCC) recently announced that Obelisk — a purported bitcoin mining equipment supplier — is in fact a pyramid scheme which has swindled millions of dollars from unsuspecting investors. The watchdog reportedly made the announcement after it received complaints from investors who accuse Obelisk of defrauding them. According to a Businesstech report , the 4,000 individuals who participated in the investment scheme were convinced they were purchasing bitcoin mining equipment which could generate constant income for them. The machines cost between $18.75 and $24,850, the report added. In a statemen
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