Ponzi Schemes | ForkLog

ForkLog 18 11.12.2024

Pastor Accused of Promoting $6 Million Crypto Pyramid Scheme

CFTC has filed a complaint against a pastor of a Spanish church in Washington state for promoting a fraudulent cryptocurrency Ponzi scheme among parishioners. .@CFTC Charges Washington State Pastor with Fraud, Misappropriation in Multilevel Marketing Scheme Targeting Hispanic Americans: https://t.co/duI1GEzwoA — CFTC (@CFTC) December 10, 2024 According to the agency, from November 1, 2021, to […]

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ForkLog 21 27.11.2024

We can scale: how pyramid schemes went crypto

Russia is in the grip of a boom in pyramid schemes. According to the Central Bank’s data, more than 3,700 organisations with the hallmarks of such schemes were identified in 2024—70% more than in 2023 and 93% more than in 2022. Fraudsters, when explaining high returns to depositors, hide behind cryptocurrency trading and the use […]

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ForkLog 77 27.11.2024

OneCoin Founder Ruja Ignatova Allegedly Hiding in Russia

Ruja Ignatova, the founder of the cryptocurrency pyramid scheme OneCoin, reportedly had connections within Kremlin circles and may be hiding in Russia. This was revealed in a letter to Decrypt by BBC investigative journalist Joran Tsalov. The source cites information obtained during an interview with Ignatova’s former security advisor, Frank Schneider. Schneider allegedly confirmed the […]

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ForkLog 7 22.10.2024

Former Mine Digital CEO Accused of Embezzling $1.5 Million from Client

The Australian Securities and Investments Commission (ASIC) has charged former CEO of the crypto exchange Mine Digital, Grant Colthup, with embezzling 2.2 million AUD ($1.47 million) from a client attempting to purchase bitcoins. Following an ASIC investigation, the ex-CEO of crypto exchange Mine Digital has been charged with fraud in connection with a $2.2 million […]

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ForkLog 4 17.10.2024

Forcount Crypto Pyramid Promoter Sentenced to 20 Years

The leading promoter of the Forcount crypto pyramid, Juan Tacuri, has been sentenced to 20 years in prison, according to a statement from the U.S. Attorney’s Office. He is also required to return over $3 million and the rights to a house in Florida. “The Forcount scheme spanned the globe, ensnaring thousands of victims, including […]

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ForkLog 14 10.10.2024

PlusToken Transfers 7000 ETH to Exchanges

Approximately 7000 ETH, valued at $16.7 million, seized from the operators of the PlusToken cryptocurrency pyramid scheme, have been transferred to exchanges. This was reported by OXT Research analyst known as ErgoBTC. In early August, the remnants of ETH seized from the multibillion dollar PlusToken scheme awoke on-chain for the first time since 2021. Over […]

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ForkLog 5 09.10.2024

Elderly American Ordered to Pay Nearly $14 Million for Crypto Pyramid Scheme

A Las Vegas court has sentenced 86-year-old former attorney David Keagle from California to a five-year suspended sentence for orchestrating a cryptocurrency pyramid scheme. The defendant will pay approximately $13.95 million in restitution. In May, he pleaded guilty to a single charge. Keagle is currently in hospice care at a Las Vegas nursing home due […]

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ForkLog 9 06.10.2024

IcomTech Founder Sentenced to 10 Years for Cryptocurrency Pyramid Scheme

Judge Jennifer Rochon of the Southern District of New York sentenced IcomTech cryptocurrency pyramid founder David Carmona to 121 months in prison. “David Carmona orchestrated the IcomTech cryptocurrency Ponzi scheme, preying on working-class individuals by promising them complete financial freedom in exchange for their hard-earned money. Carmona pledged to invest the victims’ funds in crypto […]

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ForkLog 5 05.09.2024

Russian Financial Pyramid Attempts Deceptive Entry into Digital Asset Market

An unnamed Russian platform for issuing digital financial assets (DFA) encountered fraudsters attempting to list their token on the market. This was revealed by the Deputy Chairman of the Bank of Russia, Philip Gabunia, as reported by Interfax. According to the official, the asset belonged to a certain financial pyramid, and the incident occurred “on […]

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ForkLog 8 27.08.2024

SEC Charges Creators of $60 Million Bitcoin Scheme

Two U.S. citizens have been charged with defrauding over 80 investors through a cryptocurrency pyramid scheme that resulted in $60 million in damages, as reported by the SEC. According to the case documents, from January 2023 to June 2024, brothers Jonathan and Tanner Adam promoted a bot service with arbitrage trading capabilities, promising clients monthly […]

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ForkLog 9 23.08.2024

Founder of MBI Group Crypto Pyramid Extradited to China

On August 20, Thai law enforcement handed over Zhang Moumou, the founder of the cryptocurrency pyramid scheme MBI Group, to Chinese authorities. This was reported by Chinese media. According to journalists, this marks the first successful extradition of a suspect in economic crimes from Thailand to China. MBI Group had been operational since 2012. Victims […]

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ForkLog 48 23.08.2024

Turkish Authorities Apprehend Organiser of $4 Billion Crypto Scam

Turkish law enforcement has apprehended Swedish national Andreas Sakac for his involvement in orchestrating the OmegaPro cryptocurrency pyramid scheme, which resulted in investor losses of $4 billion. This was reported by Turkiye Today. The scam was structured as a Ponzi scheme: newly attracted funds were used to pay returns to early participants, creating an illusion […]

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