Ponzi Schemes | ForkLog

ForkLog 57 06.08.2025

Over 80% of Financial Pyramids in Russia Shift to Cryptocurrencies

In the first half of 2025, the Bank of Russia identified 2,328 financial pyramids, with over 80% utilising cryptocurrencies as the primary means of fund transfer, according to the regulator’s report. The schemes were short-term pseudo-investment online projects. Some promised returns from investments in digital currencies, while others focused on precious metals, commodities, and various […]

AI translated

ForkLog 14 06.05.2025

Bank of Russia Identifies 1,638 Crypto Pyramid Schemes

The Bank of Russia reported a surge in crypto pyramid activity: in the first quarter of 2025, the regulator identified 2,780 illegal projects — a 56% increase compared to the previous year. Nearly 60% of these (1,638 cases) were pseudo-investment platforms where cryptocurrencies became the primary tool for attracting funds. 86% of fraudulent projects demanded […]

AI translated

ForkLog 128 23.04.2025

SEC Accuses PGI Global CEO of $198 Million Cryptocurrency Fraud

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against PGI Global CEO Ramil Palafox, accusing him of orchestrating a cryptocurrency pyramid scheme that amassed $198 million from clients. According to the regulator, from January 2020 to October 2021, the company sold “membership packages” promising returns of up to 200%. These products were […]

AI translated

ForkLog 149 22.04.2025

The vanished Cryptoqueen

On 11 June 2016 an uplifting speech rang out from the stage of London’s Wembley Arena. It was delivered by Ruja Ignatova, founder of OneCoin. To the cheers of a packed crowd she proclaimed the project’s cryptocurrency the “Bitcoin killer”. Cameras panned across rapt faces that seemed to believe every word of their “Cryptoqueen”. About […]

AI translated

ForkLog 111 21.04.2025

Kazakhstan Seizes 3.8 Million USDT from Three Crypto Pyramids

In Almaty, the operations of cryptocurrency pyramids Warner Bros, Roborock, and NFT+TRX have been halted. This was reported by Kazakhstan’s AFM. Investors in Warner Bros acquired access to a special application, where they were promised rewards for watching trailers and inviting new users. The project consisted of nine levels, with an average investment amount of […]

AI translated

ForkLog 30 18.04.2025

Brazilian Crypto Pyramid Scheme Leader Sentenced to 128 Years in Prison

The orchestrator of the Brazilian cryptocurrency Ponzi scheme Braiscompany, Joel Ferreira de Souza, has been sentenced to 128 years, five months, and 28 days in prison, according to local media. The court found him guilty of 11 counts of money laundering. Braiscompany attracted over $189 million from 20,000 investors. The case involved two other individuals. […]

AI translated

ForkLog 15 08.04.2025

Kazakhstan Reports Seizure of Cryptocurrency from Pyramid Schemes

Since the beginning of 2025, Kazakhstan’s AFM has dismantled 24 financial pyramids, including those accepting cryptocurrency deposits. The agency reported this to President Kassym-Jomart Tokayev. As part of the investigation, digital assets of the criminal scheme organizers were frozen, amounting to 2.2 billion tenge ($4.18 million at the time of writing). In total, the AFM […]

AI translated

ForkLog 10 16.02.2025

India Seizes $190 Million in Cryptocurrency Linked to BitConnect Fraud

Indian authorities have seized cryptocurrency worth approximately $190 million in connection with the fraudulent BitConnect scheme, according to local publication Indian Express. Raids conducted on February 11 and 15 also resulted in the confiscation of about $15,500 in rupees, a car, and electronics. Law enforcement officials analyzed a “complex network of transactions” involving numerous crypto […]

AI translated

ForkLog 72 14.02.2025

HashFlare Founders Admit Guilt in $577 Million Crypto Pyramid Scheme

The founders of the cloud mining service HashFlare, Sergei Potapenko and Ivan Turõgin, have admitted to orchestrating a cryptocurrency pyramid scheme. U.S. authorities will confiscate assets from them valued at over $400 million. Two Estonian Nationals plead guilty in $577M cryptocurrency fraud scheme — Scheme victimized hundreds of thousands of people in the U.S. and […]

AI translated

ForkLog 6 12.02.2025

In 2024, 77% of Russian Pyramids Accepted Cryptocurrency Contributions

Throughout 2024, the Central Bank of Russia identified 5510 entities with characteristics of financial pyramids, 77% of which accepted contributions in cryptocurrencies (in 2023, this figure was 50%). According to the regulator, pseudo-investment offers “with guaranteed income” are also spreading offline. Nearly 20% of projects with signs of financial pyramids had more than two online […]

AI translated

ForkLog 14 11.01.2025

Wolf Capital co-founder pleads guilty to $9.4m crypto scam

Wolf Capital investment firm co-founder Travis Ford pleaded guilty to creating a fraudulent scheme that harmed 2,800 investors. According to investigators, he stole $9.4 million by promising clients extraordinarily high returns.

AI translated

ForkLog 57 24.12.2024

Russian Authorities Arrest S-Group Founders Over $100 Million Fraud

Russian police have dismantled the operations of Sincere Systems Group LTD (S-Group), suspected of defrauding clients of over $100 million under the guise of investments. This was reported by the Ministry of Internal Affairs of Russia. According to case materials, S-Group, established by Ukrainian citizens, has been operating in Russia since 2020, with branches in […]

AI translated

#Ponzi Schemes