German firm told to wind up cryptocoin business after pyramid scheme claims
by Philip Oltermann in Berlin from on (#4V3C7)
Karatbars used former football stars Lothar Matthius, Roberto Carlos and Patrick Kluivert to promote products
A German cryptocurrency company that used the former football stars Lothar Matthius, Roberto Carlos and Patrick Kluivert to promote its products has been ordered by a German watchdog to wind up its blockchain-based business after allegations it was luring customers into a pyramid scheme.
Karatbars, founded by a Stuttgart-born former vacuum cleaner salesman, Harald Seiz, in 2011, has promised to revolutionise the world's financial system through its internet-based currency.
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