The U.S. Securities and Exchange Commission (SEC) charged two brothers with allegedly operating a $61.5 million Ponzi scheme that relied on promoting a fake crypto trading bot. The SEC accuses Jonathan Adam and his brother Tanner Adam of luring in more than 80 investors across the country by promising 13.5% monthly returns via a crypto […]
The post SEC Charges Brothers for Fake Crypto Trading Bot That Led to Misappropriation of About $54,000,000 appeared first on The Daily Hodl.
Yang Bin, a 61-year-old Dutch national, was sentenced by a Singapore court to six years in prison and fined S$16,000 Singapore dollars for orchestrating a cryptocurrency Ponzi scheme. Yang’s company, A&A Blockchain Innovation, falsely claimed to own 300,000 cryptocurrency mining machines, promising investors a daily return of 0.5%. In reality, the company had no such […]
The Orissa High Court in India has reaffirmed that cryptocurrency trading and transactions are neither banned nor deemed illegal in India. Citing the legality of crypto, the court granted bail to Sandeep Chowdhury, CEO of Yes World, who was accused of defrauding investors through a Ponzi scheme disguised as a cryptocurrency business. Orissa High Court […]
The Securities and Exchange Commission of the Philippines issued an advisory on Wednesday to inform the public that Skyline Crypto and Dry Goods Trading is not authorized to solicit investments from the public. The company has been offering investment opportunities online, promising returns of 35% in 15 days and rewards like smartphones and vehicles. Skyline […]
India’s Enforcement Directorate (ED) has conducted searches that uncovered a Ponzi scheme involving cryptocurrency operations and HR Crypto Coin, leading to significant asset seizures and freezing. The coins were part of the scheme, luring people to invest with promises of a 15% annual interest rate and offering 30% direct referral income for introducing new customers. […]
The Orissa High Court in India ruled that cryptocurrency dealings are not illegal under Indian law. This decision arose from a case involving individuals accused of fraud through a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not considered money under the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under […]
Two people took in $1 billion in crypto deposits and traded $26 million of it, the suit alleges.
New York Attorney General Letitia James has filed a suit alleging that hundreds of thousands of people lost over $1 billion to two crypto firms with overlapping founders. The suit names cryptocurrency trading company NovaTech, its founders Cynthia and Eddy Petion, defunct cryptocurrency mining company AWS Mining and associated individuals and companies as defendants.
According to the suit, more than 11,000 New York state residents, particularly members of the New York Haitian community, lost tens of millions of dollars by investing in NovaTech. The suit alleges that NovaTech is a Ponzi scheme that has used religious appeals to attract customers.
NovaTech also misrepresented its licensing and registration status, the suit alleges. The company was registered in St. Vincent and the Grenadines until that country’s Financial Services Authority canceled it in January 2023. The company collapsed in May 2023.
According to Turkish authorities, the country’s law enforcement agencies have disrupted a criminal syndicate that lured unsuspecting residents into investing in a Ponzi scheme disguised as a cryptocurrency investment. The syndicate is reported to have swindled $1 billion from investors who were deceived by the scammers’ promise of high profits and zero risks. During the […]
The Brazilian State Attorney General has dismissed allegations that Johann Steynberg, the late mastermind of a South African bitcoin ponzi scheme, was granted irregular access to a computer and the internet while in prison. Acting public prosecutor Lauro Machado Nogueira recently released a report stating that evidence from prison authorities contradicted these claims. Additionally, Steynberg, […]
Two Estonian nationals have been extradited from Estonia to the U.S. to face charges for their roles in “a massive multi-faceted cryptocurrency Ponzi scheme,” according to an announcement by the U.S. Department of Justice (DOJ). Sergei Potapenko and Ivan Turõgin are accused of operating a $575 million Ponzi scheme involving the fraudulent cryptocurrency mining service […]