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SEC Charges Two Masterminds Behind $1.9 Billion HyperFund Crypto Ponzi Scheme
30.1.2024
The US Securities and Exchange Commission (SEC) has charged two masterminds behind the $1.9 billion crypto fraud investment scheme HyperFund. The regulator has indicted Australian blockchain entrepreneur Sam Lee and HyperFund promoter Brenda Chunga for their involvement in the Ponzi scheme....
Estonian Government Approves Extradition of Crypto-Fraud Accused Duo to the US, Again
27.1.2024
The Estonian government has once again approved the extradition of the two alleged masterminds behind the Hashflare crypto mining Ponzi scheme to the United States. According to a local news report, the government has met the conditions for the men’s extradition set by the Tallinn Circuit Court....
CEO of Crypto Ponzi Scheme IcomTech Handed Five-Year Sentence
22.1.2024
The CEO of a large-scale crypto Ponzi scheme known as IcomTech has been sentenced to five years in prison and ordered to forfeit $914,000 in criminal proceeds. On January 19th, the U.S. Attorney’s Office, Southern District of New York, issued a press release stating that Marco Ruiz Ochoa...
Indian Law Enforcement Arrest Key Player in GainBitcoin Scam Year After Mastermind’s Death
19.12.2023
Source: Pexels The Directorate of Enforcement (ED) has arrested Simpy Bhardwaj aka Simpy Gaur, wife of Ajay Bhardwaj in the ongoing money laundering investigation in the country’s largest crypto ponzi scam GainBitcoin. The main accused Ajay Bhardwaj and Mahender Bhardwaj managed to escape...
Crypto Ponzi scheme AirBit: All but one exec now sentenced
4.10.2023
AirBit Club co-founder Dos Santos is now the last AirBit defendant not yet sentenced but is scheduled to learn his fate on Oct. 4, 2023
Fraudster Faces 12-year Jail Sentence for $100M Crypto Ponzi Scheme
27.9.2023
Pablo Renato Rodriguez, co-founder of the major crypto-based pyramid scheme AirBit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels.
Rodriguez and his co-conspirators, including Gutemberg Dos Santos, orchestrated the AirBit Club scheme, which lured unsuspecting...
$7.8B lost in crypto ponzi and pyramid schemes in 2022: Report
28.6.2023
Illicit activities related to crypto increased across the sector in 2022 despite an overall market downturn
Crypto Ponzi Schemes Cost Victims $7.8B in 2022: TRM Labs
28.6.2023
Ponzi schemes dominated the crypto crime landscape in 2022, with $7.8 billion funneled from victims, blockchain analytics firm said in a new report
Founders of Multimillion-Dollar Global Crypto Ponzi Scheme ‘Airbit Club’ Plead Guilty
10.3.2023
The founders and promoters of multimillion-dollar cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to various criminal charges. Airbit Club victims were promised “guaranteed daily returns on any membership purchased,” the U.S. Department of Justice (DOJ) detailed. Airbit...
SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme
7.3.2023
The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make...
Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme
23.2.2023
Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme that defrauded investors of millions of dollars. If convicted, they would face a maximum penalty of 20 years in prison for their roles in the purportedly decentralized finance (defi) platform Forsage....
Two More Promoters of Forcount Crypto Ponzi Scheme Arrested, Charged With Fraud
6.1.2023
Two additional promoters of the Forcount Ponzi scheme – a Brazil-based crypto scam that defrauded Spanish-speaking investors around the world of a collective $8.4 million – have been arrested and charged with fraud for their role in the alleged grift
Argentine Senate Mulls Crypto Advertisement Regulation
28.12.2022
The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations promote crypto. The objective of the project, which is still under discussion, would be to educate consumers on the dangers of investing in crypto and also to protect them...
Another Member of Russian Crypto Pyramid Finiko Arrested in UAE
11.12.2022
Law enforcement authorities in the United Arab Emirates have detained a top Finiko representative, sought for his role in the crypto Ponzi scheme which defrauded thousands of investors around the world. This is the second arrest in the Gulf state of a high-ranking member of the pyramid announced...
EmpiresX 'head trader' to face 4 years of prison over $100M crypto 'Ponzi'
1.12.2022
Two other associates that helped run the U.S.-based fraudulent crypto platform EmpiresX left the country early this year and are believed to be in Brazil
FTX is done — What’s next for Bitcoin, altcoins and crypto in general?
18.11.2022
FTX is gone, and it looks like many centralized crypto platforms will fall with it. But is there a silver lining?
SEC Charges 4 People in $295M Global Crypto Ponzi Scheme That Duped Over 100,000 Investors
6.11.2022
The U.S. Securities and Exchange Commission (SEC) has charged four people for their roles in a global cryptocurrency Ponzi scheme that duped more than 100,000 investors worldwide. The scheme raised more than $295 million in bitcoin. SEC Says ‘Trade Coin Club’ Is a Crypto Ponzi Scheme...
Crypto Firm Freeway Updates Community, Says Trading Strategy ‘Failed’ and ‘Caused a Substantial Loss’
27.10.2022
Four days ago, the crypto rewards platform Freeway.io, formally called Aubit, halted withdrawals on October 23 after citing it was protecting the firm’s portfolio from “market fluctuations and volatility.” Two days later, the team updated the community and explained on Tuesday that “one...
SEC Halts Crypto Ponzi Operation Targeting Latino Investors
6.10.2022
The U.S. Securities and Exchange Commission (SEC) has filed an emergency action to stop an ongoing crypto Ponzi scheme targeting Latino investors.
According to an SEC press release, the scheme was being operated by defendants Mauricio Chavez and Giorgio Benvenuto through CryptoFX - a company...
JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’
23.9.2022
JPMorgan Chase CEO Jamie Dimon said in a U.S. congressional hearing that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He told lawmakers: “I’m a major skeptic on crypto tokens which you call currency.” JPMorgan CEO Jamie Dimon Calls Crypto Ponzi...