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A Ponzi Unveiled? Controversial Crypto Platform Facing California’s Wrath

[Nov 6 6:30 AM] The California Department of Financial Protection and Innovation (DFPI) issued a Desist and Refrain Order on Monday to Trage Technologies Ltd., also known as Trage Tech, for alleged violations of securities laws. The DFPI claims that Trage Tech…

Judge delays sentencing of IcomTech promoter to allow testimony

[Oct 22 8:44 PM] Gustavo Rodriguez, who was initially scheduled to be sentenced following his conviction for conspiracy to commit wire fraud, will testify under oath on Oct. 25.

Crypto Ponzi Leader Receives 121-Month Prison Sentence

[Oct 6 2:30 AM] David Carmona, founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to over 10 years in prison for defrauding investors with false promises of profits. His scheme targeted working-class people with the lure of financial freedom…

US Court Imposes $209 Million Penalty in Crypto Ponzi Scheme

[Sep 5 11:20 AM] The U.S. District Court for the Northern District of Illinois has ordered an Oregon resident and his entities to pay over $209 million in penalties for running Ponzi schemes disguised as crypto and carbon investment programs. This includes…

U.S. SEC Charges Two Brothers in $60M Ponzi Scam Using a Crypto Platform

[Aug 27 6:19 AM] The U.S. Securities and Exchange Commission (SEC) has charged brothers Jonathan and Tanner Adam of attempting to defraud more than 80 investors with a $60 million Ponzi scheme involving a crypto asset trading platform, it announced on Monday.

2 Promoters of Forcount Crypto Ponzi Scheme Plead Guilty to Wire Fraud Conspiracy

[Jul 23 10:20 AM] Two more promoters of the Forcount crypto ponzi scheme – a Brazil-based scam that bilked Spanish-speaking investors out of $8.4 million between 2017 and 2021 – have pleaded guilty to their roles in the scheme.

Canada’s ‘Crypto King’ and Associate Arrested, Charged With Fraud in Alleged $30M Ponzi Scheme

[May 15 5:24 PM] Two Canadian men have been arrested and charged with fraud for allegedly swindling investors out of $40 million CAD – approximately $30 million USD – in a crypto and foreign exchange investment scheme.

Founders of $400 Million Cryptocurrency Ponzi Scheme Arrested in Argentina

[Mar 5 4:30 AM] Two individuals, a woman and a man, were captured in Argentina on charges of having perpetuated a Ponzi scheme that moved over $400 million in cryptocurrency in Brazil. The operation managed to track the couple’s whereabouts with the help of…

Blast's One-Week, $600M Haul Shows Promise of Yield, Pitfalls of Hype

[Nov 29, 2023 6:00 AM] The idea of a yield-paying layer-2 blockchain atop Ethereum has clearly demonstrated market allure. But even the project's biggest investor has taken issue with the execution and marketing surrounding the initial rollout.

$7.8B lost in crypto Ponzi and pyramid schemes in 2022: Report

[Jun 28, 2023 11:00 AM] Illicit activities related to crypto increased across the sector in 2022 despite an overall market downturn.

Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’

[May 7, 2023 1:30 PM] Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures…

Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam

[Mar 14, 2023 3:30 AM] The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued…

Forsage founders indicted over $340M DeFi ‘Ponzi scheme’

[Feb 22, 2023 8:56 PM] According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme.

Onecoin Cryptoqueen’s Ex-boyfriend Gets 5 Years in Prison

[Feb 18, 2023 3:30 PM] A former boyfriend of Ruja Ignatova, the mastermind of the Ponzi scheme Onecoin, has received five years in prison. The sentence is for the laundering of hundreds of millions of dollars’ worth of proceeds from the notorious crypto scam which…

Another Member of Russian Crypto Pyramid Finiko Arrested in UAE

[Dec 11, 2022 4:30 AM] 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…

EmpiresX 'head trader' to face 4 years of prison over $100M crypto 'Ponzi'

[Nov 30, 2022 8:29 PM] 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.

Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE

[Nov 18, 2022 6:30 AM] One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian…