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Ethan Nguyen and Andre Llacuna, who prosecutors say are Frosties's pseudonymous backers, defrauded their NFT investors of over $1 million when theft. Facing criminal conspiracy and financial crime charges, they are among the first criminal NFT defendants in the rug-pull era. Source
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The scheme ran from April 2014 to December 2019, when three of the BitClub leaders were arrested and charged with fraud and the sale of unregistered securities. BitClub purported to sell shares of nonexistent crypto mining pools to gullible investors, only to pay them back with money from newer investors,
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Nepalese actress and model Priyanka Karki is being questioned by the police after her picture was found in promotional material for a cryptocurrency scheme. “The investigation is still underway. We are trying to find out if the actress is involved in the crypto trading promotion or only her picture was
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Authorities in China recently announced the arrest of ten suspects they say are behind an online pyramid platform that is thought to have stolen millions of dollars from unsuspecting users. The suspects are accused of using the promise of high returns and a regular income to lure more victims. A
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The scheme was Shanghai's first cracked case of an online pyramid scheme using cryptocurrencies, according to the police. Source
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Before giving up on Ecoinplus, however, the CFTC alleges that Golden and Patel found a new business partner in Aggeson, a New York entrepreneur, and an unnamed accomplice. Modeling the new site on Ecoinplus (and taking steps to distance themselves from the Ecoinplus scheme), they created JetCoin, according to the
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The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department
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The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process.According to the Department of Justice (DOJ), a San Diego-based federal grand jury specifically charged Kumbhani for orchestrating the alleged Ponzi scheme via BitConnect’s
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Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency scheme that has duped about 2,000 investors out of $5.4 million. 11 People Arrested so Far in Cryptocurrency Scam in India Indian police have cracked down on a cryptocurrency investment scheme that has duped over 2,000 investors out
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Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds. Verdict Sets New Benchmark Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail
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