[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"7bf65a4f-8726-45f7-a45d-9baaba344f35","updated_at":"2024-06-24T03:33:03.406+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Delves into a Ponzi scheme using the Solar Techno Alliance (STA) token, which has scammed over 10,000 people in India. Let’s see what the future holds for STA!","sapo":"Recently, there are rumors circulated that authorities granted bail to Gurtej Singh Sidhu, one of the suspected masterminds behind the scam. However, there are no formal announcements on the issue and no coverage from other media. It appears that the rumor may have been circulated by those looking to increase STA prices.","title":"Star Techno Alliance (STA) Token Scam Unmasked","content":"

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What is STA token?

Solar Techno Alliance (STA) is a new generation blockchain based solution that brings the customers in touch with the local farmers involved in the use of solar products. This platform functions as an open marketplace where its users directly arrange to purchase the products from the farmers.

This cryptocurrency is not just a token but is an ecosystem to itself in its form. Some of them are a multi-crypto wallet, a solar techno-base NFT, and a crypto exchange. The STA token is a multifaceted utility token that can be used in multiple services in the field of decentralized crypto payment gateway services in industries. All the transactions are immediate, open for everyone to see and there can be no manipulation of the records as they are stored in Blockchain.

STA token

The STA token scam

The recent occurrences of STA crypto tokens is such a bad example of scams that have been formed in the cryptocurrency market. Now, people are sharing new updates about the owner of Solar Techno Alliance that the culprit of contempt has been arrested Gurtej Singh Sidhu and sharing new updates that he will be released from jail soon.

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Launched in September 2021, STA first offered investors profit by claiming that it would combine sustainable energy and decentralized databases. However, the great returns by the scheme were propelled by new investments, thus closely resembling more of a ponzi scheme.

It was pioneered as an innovative project, but STA was one of the most complex Ponzi schemes with rich elements as it had covered itself in the cryptocurrency token. Even though it portrayed itself as legal, STA did not possess the permission of any legal entities including the Reserve Bank of India (RBI) to collect deposits. Led by Gurtej Singh Sidhu, the head of Solar Techno Alliance in India, the scheme gave an assurance of high returns by investing STA tokens, compared with established cryptocurrencies such as Bitcoin and Ethereum. Sadly, it was not the case, and the project brought about great losses to many investors with their aim towards the capacity for huge profitability.

STA token price

The solar techno alliance token price in India is currently at 0.016534 INR, which equals 0.000197 USD, indicating a decrease of nearly 100% from the previous year.

STA price last 3 months

However, the price indicator for Solar Techno Alliance (STA) exhibited a high level of fluctuation due to the transmission of rumors about the possible release of Gurtej Singh Sidhu. As expected by traders, the current reaction is observed, and the STA token - more than 50% - has risen in price over the past 3 months.

Why STA token fall?

The Economic Offences Wing (EOW) in Odisha, India, played a crucial role in dismantling the scam. Investigations revealed that Sidhu and his associates employed aggressive marketing and celebrity endorsements to attract funds. Their false promises of daily returns, ranging from $20 to $3,000, inflated the STA token scam to over Rs 1,000 crore (approximately $120 million).

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Moreover, Sidhu also planned a large-scale collection of illegal money based on both domestic and international operations. Police detained him for con schemes under the guise of an ICO initial coin offering company. His bail application was turned down severally because of the seriousness of the charges.

The need to always conduct adequate research cannot be overemphasized in this crypto community due to such incidents. Thus, the case focuses on aggressive investment offers that are often surrounded by the lack of clarity and the presence of pyramid schemes.

STA program organizers, David Gez and Sidhu, have traveled widely in India and are involved in running several YouTube channels. They promise new recruits daily earnings between $20 and $3000 and require them to enlist more people.

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Star Techno Alliance (STA) Token Scam Unmasked

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