South African Asset Forfeiture Unit seizes R4.3m bank account linked to Ponzi scheme "Metaverse Piggy Farm."
The South African Asset Forfeiture Unit (AFU) seized a bank account with over R4.3 million linked to Piggy Farm Trading (Pty) Ltd, which allegedly operated a Ponzi scheme through a digital "Metaverse Piggy Farm." The National Consumer Commission (NCC) received complaints and discovered that investors could buy up to 50 virtual pigs, with promises of monthly returns and pig replacement. The AFU's preservation order aims to prevent potential misuse of funds.
April 10, 2024
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