Ponzi scheme

MTI Co-Mastermind Clynton Marks Arrested Over Unanswered Questions

March 13, 2025 Bitcoin.com

Africa

One of the alleged co-masterminds of the South African bitcoin Ponzi scheme MTI has been detained for failing to provide a satisfactory explanation for the disappearance of bitcoins from his account. Marks’ Answers Unsatisfactory Clynton Marks, one of the alleged masterminds of the South African bitcoin Ponzi scheme Mirror Trading International (MTI), has been detained. […]

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Two Men Plead Guilty to ‘Massive’ $577,000,000 Crypto Mining Fraud Scheme: DOJ

February 20, 2025 The Daily Hodl

Crypto Fraud

The U.S. Department of Justice (DOJ) says that two Estonian nationals pleaded guilty to operating a massive cryptocurrency Ponzi scheme that defrauded hundreds of thousands of victims from across the globe, including the United States. In a statement, the DOJ says that Sergei Potapenko and Ivan Turõgin sold contracts that entitled their customers to a […]

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Norway Indicts Four Men for Alleged $80,000,000 Crypto Racket That Defrauded Thousands, According to Authorities

February 20, 2025 The Daily Hodl

Daily Hodl

Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime, or Økokrim, has charged four men for their alleged involvement in a Ponzi scheme that siphoned millions from victims. In a statement, the Økokrim says the modus swindled NOK 900 million ($80.80 million) from thousands of people who joined a multi-level marketing network […]

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Authorities in India Seize $190,000,000 in Crypto Assets Related to 2018 BitConnect Ponzi Scheme: Report

February 17, 2025 The Daily Hodl

Bitcoin

Law enforcement authorities in India reportedly seized crypto assets linked to the BitConnect Ponzi scheme that defrauded hundreds of victims before collapsing in 2018. Indian Express reports that the Enforcement Directorate (ED) seized Rs (Indian Rupee) 1,646 crore or nearly $190 million in crypto assets during its investigation of BitConnect. The agency, which is in […]

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Ponzi Scheme Mastermind Sentenced To 45,376 Years in Prison Over $131,000,000 ‘Farm Bank’ Scam

February 13, 2025 The Daily Hodl

bank

The creator of a mobile gaming app that was later deemed to be a Ponzi scheme has been sentenced to many lifetimes in prison. An Istanbul court has sentenced Mehmet Aydin, the creator of Çiftlik Bank (“Farm Bank”), to 45,376 years in prison for embezzling large sums of money from hundreds of thousands of people. […]

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Binance CEO Reveals How to Avoid Ponzi and Pyramid Schemes

February 1, 2025 Bitcoin.com

Binance

Binance’s CEO cautions investors about increasingly sophisticated crypto scams and offers guidance on navigating the industry’s future. Ponzi Schemes Are Getting Smarter—Binance CEO’s Urgent Safety Playbook Binance CEO Richard Teng shared safety advice on social media platform X on Wednesday, emphasizing the importance of vigilance against fraudulent investment schemes. He stated: Stay safe from Ponzi […]

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Crypto Founder Pleads Guilty to $9,400,000 Ponzi Scheme That Defrauded Thousands of Investors

January 12, 2025 The Daily Hodl

crypto scam

The CEO and co-founder of purported cryptocurrency investment firm Wolf Capital just pleaded guilty to his role in a Ponzi scheme that looted millions of dollars from investors. According to the U.S. Department of Justice (DOJ), Travis Ford used Wolf Capital’s website, social media and internet-based promotional activities to solicit investments between January 2023 and […]

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Nigerian Crypto Industry Players Applaud Proposal to Jail Ponzi Operators

November 16, 2024 Bitcoin.com

Africa

Nigeria’s proposed Investments and Securities Bill, which proposes jail terms for Ponzi scheme operators, has been welcomed by crypto industry players who hope this will help clean up the sector’s reputation. 10-Year Jail Terms Proposed for Ponzi Operators Some members of Nigeria’s digital asset industry have hailed a draft bill proposing hefty fines and jail […]

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US Sends Crypto Promoter to Prison for 20 Years in Multi-Million Dollar Ponzi Scheme

October 17, 2024 Bitcoin.com

bitcoin.com

A cryptocurrency promoter was sentenced to 20 years in prison for running a Ponzi scheme that defrauded thousands of investors, particularly in Spanish-speaking U.S. communities. The scheme, disguised as a crypto mining operation, promised guaranteed returns but left victims unable to withdraw funds while promoters pocketed millions. The fraudster was ordered to forfeit over $3.6 […]

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Players Eye Lawsuits as Analysts Label Hamster Kombat a ‘Time Ponzi Scheme’

September 30, 2024 Bitcoin.com

Airdrop

Analysts have begun to try to explain the weak performance of HMSTR, the Hamster Kombat official game token, since its token generation event and subsequent airdrop. Neomarkets chief analyst Oleg Kalmanovich assessed that one of the key problems for the projects included the dilution of HMSTR, calling its airdrop a time Ponzi scheme. Hamster Kombat […]

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