Government issues Ponzi scheme alert over cryptocurrencies

The finance ministry has warned these currencies are vulnerable to hacking due to the fact they are stored in electronic format and suffer potential malware attacks. 

The ministry said in a statement: “There is a real and heightened risk of investment bubble of the type



seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. 

“Consumers need to be on alert and extremely cautious as to avoid getting trapped in such Ponzi schemes.”