Kazakhstan Recovers $500,000 from Bitcoin Pyramid Scheme

Officials from Kazakhstan’s AFM tracked down assets worth 250 million tenge (over $520,000) from the Eolus cryptocurrency pyramid scheme, which had defrauded nearly 2,500 citizens nationwide.

The investigation into the fraudulent fund-raising scheme spanned several months. The perpetrators transferred the assets obtained from investors through numerous transit crypto wallets.

The agency succeeded in tracing the transactions and securing the return of the funds to the country. The cryptocurrencies are now held in a special AFM account and will be reimbursed to the victims.

In February, a court confiscated 408,000 USDT from the creator of the Eolus pyramid scheme.

The individual was sentenced to six years in prison, with confiscation of property and a five-year ban on engaging in brokerage activities.