Hack history / 2023 / Fraud
Solar Techno Alliance
Fraud on Aug 8, 2023 · Scam
ONE SOURCE · 1 SOURCE
Lost
$120M
dollars at the time
Returned
none listed
as the sources state it
Rank
not ranked
collapses, frauds and later news are not ranked
What happened
Legal authorities in the Indian state of Odisha have successfully busted a $120 million (Rs 1,000 crore) cryptocurrency Ponzi scheme. Two central figures in the fraudulent operation have been arrested. The project in question is called The Solar Techno Alliance (STA), using terms like green energy and solar technology. The investigation found that STA, with the assistance of online members, used various persuasive tactics and promises of profits in a short period of time to attract people to participate in the scheme, with more than 10,000 participants in Odisha alone. The investigation revealed that STA was not authorized by RBI, RBI or other regulators to accumulate deposits.
Details
- Date
- Aug 8, 2023
- Kind
- Fraud
- Method
- Scam
- How in
- Insiders: rug pulls, frauds, collapses
- Target
- not stated
- Chains
- not stated
Reported by
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Cite this page
SwanBluechip, "Solar Techno Alliance fraud, Aug 8, 2023: $120M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht3d1b11e643/ (data as of 2026-11-01).