A U.S. federal court sentenced Ramil Ventira Palafox, who was the founder and former CEO of Praetorian Group International (PGI), to 20 years in prison for running a bitcoin-based cryptocurrency Ponzi scheme that defrauded tens of thousands of investors around the world. What happened According to the U.S. DOJ, PGI
Altcoin Alpha recently unveiled a multi-million-dollar OTC Telegram crypto scam on a social media platform X. The scam stole more than $50 million involving tokens such as SUI, NEAR, Axelar, SEI, and others. The scam wasn’t noticed for months and targeted prominent names in the industry, such as venture capitalists,
David Kagel, an 86-year-old former attorney, faces significant consequences for his role in a multi-million-dollar cryptocurrency Ponzi scheme. Recently, he admitted to charges of conspiracy to commit commodity fraud. This admission highlights the ongoing issues within the cryptocurrency market, particularly regarding fraudulent activities that target unsuspecting investors. Kagel’s scheme began
The United States Securities and Exchange Commission (SEC) has initiated legal action against two brothers, alleging their involvement in orchestrating a $60 million Ponzi scheme with a non-existent crypto trading bot. The SEC has filed a complaint in the US District Court for the Northern District of Georgia, Atlanta, against
Juan Tacuri, a senior promoter of the Forcount cryptocurrency Ponzi scheme, has pleaded guilty to conspiracy to commit wire fraud. The plea was entered before Judge Analisa Torres at the Southern District of New York (SDNY) court, and he is set to be sentenced in New York in September for
