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You are here: Home / Archives for Ponzi Scheme

Ponzi Scheme

Musk vs. Rogan: Are Meme Coins Just Digital Ponzi Schemes?

March 4, 2025 by Lipika Deka

Elon Musk and Joe Rogan’s latest podcast sparked a debate on meme coins, drawing parallels to casinos and the “greater fools theory.” Rogan stressed the need to regulate meme coin pumps and dumps, citing their “bananas” nature. He worries investors risk real money on volatile assets, hoping to “dump” before the crash. Musk responds, comparing […]

Filed Under: Altcoin News, News Tagged With: Elon Musk, Joe Rogan, meme coins, Ponzi Scheme

Las Vegas Man Faces 330 Years in Prison for Alleged $24M Crypto Ponzi Scheme

February 16, 2025 by Kashif Saleem

A Las Vegas businеssmаn is fаcing sеrious lеgаl troublе аftеr аuthoritiеs аccusеd him of dеfrаuding ovеr 400 invеstors out of $24 million through а crypto mining scаm. Brent Kovar, 58, аllеgеdly mislеd victims by clаiming his compаny, Profit Connеct, usеd аrtificiаl intеlligеncе to minе cryptocurrеncy аnd vеrify trаnsаctions whilе guаrаntееing fixеd rеturns аnd full rеfunds. […]

Filed Under: Crypto Scam, News Tagged With: ai, Cryptocurrency, Ponzi Scheme

Australian Man Pleads Guilty to $3.6B Crypto Ponzi Scheme, Faces Sentencing in July

May 21, 2024 by Kashif Saleem

John Bigatton, a Sydney man, has admitte­d guilt to promoting a cryptocurrency Ponzi scheme that swindle­d investors out of a staggering $3.6 billion. Bigatton, from Carss Park in New South Wale­s, pleaded guilty in Sydney District Court to acting as an unlice­nsed financial advisor while spruiking BitConnect’s Le­nding Platform in late 2017 and early 2018. […]

Filed Under: News Tagged With: Bitconnect, Ponzi Scheme

SEC Exposes $191M Cattle Ponzi Scheme And Seeks Justice For Investors

December 16, 2023 by Kashif Saleem

The U.S. Securities and Exchange Commission (SEC) has taken swift action to stop a massive cattle fraud scheme that defrauded investors of more than $191 million. The SEC se­cured a short-term hold order and froze­ assets. The company’s owners, Arizona’s Josh Link and Je­d Wood from Fort Worth, were appointed a truste­e to handle the […]

Filed Under: News, Crypto Scam Tagged With: Ponzi Scheme, SEC

Crypto Ponzi Scheme: Ohio Man Arrested For $10 Million Worth Of Scam

November 20, 2022 by Mishal Ali

An Ohio man was arrested for allegedly running a Crypto Ponzi scheme, from which he raised at least $10 million from investors, according to a press release by the Department of Justice published on November 18th. As the allegations state, Rathnakishore Giri has been accused of deceiving investors by lying to them about his experience […]

Filed Under: Crypto Scam Tagged With: crypto scams, DoJ, Ponzi Scheme

Over an Alleged $1M NFT Scheme, the Department of Justice Sued Two 20-Year-Olds

March 26, 2022 by Goku

For their roles in a $1.1 million NFT scam, the Department of Justice charged two 20-year-olds with fraud and money laundering. It is one of the first steps taken by federal authorities to rein in the burgeoning asset class. The project was dubbed “Frosties” by Ethan Nguyen and Andrew Llacuna, both of Los Angeles, and […]

Filed Under: Crypto Scam, News Tagged With: department of justice, NFT, Ponzi Scheme

BitConnect founder accused of Ponzi scheme has vanished

March 2, 2022 by Aishwarya shashikumar

Satish Kumbhani, the founder of BitConnect, has gone missing a week after being charged in a $2.4 billion Ponzi scheme that allegedly deceived investors in the United States. The US Department of Justice (DoJ) indicted Kumbhani, an Indian citizen, with criminal charges last week. In September 2021, the Securities and Exchange Commission (SEC) filed a separate lawsuit against […]

Filed Under: News, Crypto Scam, World Tagged With: Bitconnect, Cryptocurrency, DoJ, Ponzi Scheme, SEC

Bitcoin Compared To ‘Ponzi’ By Black Swan Author

April 24, 2021 by Sahana Kiran

The world’s first and largest cryptocurrency, Bitcoin [BTC] has garnered several fans across many industries from all around the world. Just as the price of the king coin shot up, the craze with regard to it also witnessed a massive surge. BTC hasn’t lost a lot of fans, however, prominent author, Nassim Taleb went on […]

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Ponzi Scheme

DoJ Arrested Five People for Allegedly Running a $20 Million Crypto Mining Scam

August 19, 2020 by Yvette Mwendwa

According to a statement by the United States Department of Justice (DoJ) on August 18, five individuals were detained in connection with a crypto mining scam that ended up defrauding investors to the tune of $20 million. The suspects allegedly urged investors to invest in their cryptocurrency trading and mining firm, AirBit Club, which in […]

Filed Under: Industry, News Tagged With: crypto fraud, Crypto mining scam, crypto scams, cryptocurrency scam news, DoJ, Ponzi Scheme

Dutch blockchain gaming company CEO on the run as fraudulent activities come to light

November 14, 2019 by Akash Anand

New companies are being built on the blockchain daily, and one of the most significant contributors to that are gaming firms. In between the cutthroat crypto world, some companies have taken steps to gain unfair advantages, which have now been called out. One example of such a company is Komodore64, a Dutch blockchain organization that […]

Filed Under: News Tagged With: Blockchain Games, Ponzi Scheme

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