Ponzi Scheme

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Report Shows No Evidence of Special Treatment for BTC Ponzi Scheme Mastermind in Brazilian Jail

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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, … Read more

Turkey Detains 127 Crypto Ponzi Scheme Co-Conspirators, Seizes Assets Worth Over $31 Million

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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 … Read more

Estonian Nationals Extradited to US for $575M Crypto Fraud

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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 … Read more

Lawyer Pleads Guilty in $9.5M Crypto Ponzi Scheme — Faces 5 Years in Prison

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David Kagel, a disbarred California attorney, pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of over $9.5 million. Kagel, 85, promised high returns through artificial intelligence trading bots and falsely claimed to hold $11 million in bitcoin to secure investments. He used his attorney position to instill trust, providing fake letters on … Read more