Bitcoin Rain followed in the footsteps of the Bitcoin Savings and Trust Ponzi scheme, operating a long-running bitcoin investment scam that lured users into depositing bitcoins as part of a virtual pool of investment funds. On March 28, 2013, Bitcoin Rain announced that it was defaulting on money owned. Bitcoin Rain founder Leandro Cesar claimed there was a security breach on his exchange website, Mercado Bitcoin, and because investor funds were stored there, Bitcoin Rain investors lost money as well. Although some money was later paid back, most was never returned. Ultimately, it’s believed Bitcoin Rain was an exit scam, with the founding team disappearing with investors’ money while blaming others along the way. Scam taken 2150 BTC or approx. 120,000
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