ChainCatcher news, according to CoinDesk, Barstool Sports founder Dave Portnoy stated that he has not launched a memecoin under the Barstool brand because he is concerned about fans losing money. He described memecoins as legalized Ponzi schemes with no value, which must be entered and exited before a crash.Although he refused to launch a Barstool meme coin, he issued GREED in February this year, which once reached a market cap of $41.5 million. Lookonchain data shows that Portnoy purchased 358 million GREED, accounting for 35.79% of the total supply, and later sold all of it in a single transaction, causing the price to plummet, resulting in a profit of approximately $258,000. He responded on X that he had warned about the possibility of selling.

ChainCatcher news, according to Coindesk, a Brazilian court has sentenced three main leaders of the cryptocurrency Ponzi scheme "Braiscompany" to a total of 171 years in prison. The mastermind of the scheme, Joel Ferreira de Sousa, was sentenced to 128 years, while the other two involved, Gessana Layane Silva and Victor Vironez, were sentenced to 27 years and 15 years, respectively.The scheme attracted approximately 20,000 investors and illegally raised about $190 million.

ChainCatcher news, according to CryptoSlate, the Nigerian digital asset trading platform CBEX has been exposed as a Ponzi scheme, causing significant financial losses for many investors. Although local media initially reported losses as high as 1.3 trillion naira (approximately 800 million USD), analysis indicates that the address is actually a Binance hot wallet, and the real loss amount may be closer to 12 million USD.CBEX claims to be the "China Beijing Equity Exchange," but it has no connection to the officially named institution in China. The platform, under the guise of AI quantitative strategies, promises to double returns in 30 days, attracting a large number of investors and requiring them to recruit others for commissions, essentially operating as a typical Ponzi structure. The project was even promoted in Nigerian national media as a "poverty alleviation program," further misleading users.By April 2025, CBEX suddenly froze accounts, preventing users from withdrawing funds, which sparked public outrage. Some investors besieged its offices in Ibadan and Lagos, and many victims shared their loss experiences on social media.Independent analyst Specter pointed out that CBEX is linked to other similar scams, LWEX and PCEX, suspected of sharing website architecture and funding flow patterns. The related wallets are also connected to the Southeast Asian payment system Huione Pay, which has been listed by Elliptic as one of the main hubs for money laundering and telecom fraud, involving over 24 billion USD in suspicious transactions.

ChainCatcher news, according to Laura Shin, the host of "Unchained," GIGA giant Josh Goltyry (also known as Tiger) has been sentenced to 2.5 years in prison for a Ponzi hedge fund scheme and must pay $3.2 million in restitution.

ChainCatcher news, according to Decrypt, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has charged four men this week, accusing them of defrauding 963 million Norwegian kroner (approximately 86.5 million USD) through a fraudulent investment scheme between 2015 and 2018. The scam gang attracted investors with cryptocurrencies such as OctaCoin, NanoCoin, and Ormeus Coin, promising high returns but making no real investments.Victims are spread across Sweden, Belgium, the Netherlands, and China, who invested their funds into projects named Crypto888 Club, Octa Partners, and Nano Club. These brands actually belonged to the same Ponzi scheme, with Octa Partners rebranding to Nano Club after its collapse, then becoming Crypto888, and finally renaming to Nano Crowd, continuously defrauding investors.

ChainCatcher news, according to Bitcoin.com, Las Vegas businessman Brent C. Kovar has been sued for allegedly operating a cryptocurrency mining Ponzi scheme through the Profit Connect project, facing up to 330 years in prison.It is reported that Kovar promised investors that his platform offered "AI-driven" cryptocurrency mining services and claimed to provide fixed returns of 15% to 30%, guaranteed by the Federal Deposit Insurance Corporation (FDIC). However, investigations revealed that Kovar did not engage in actual mining operations but instead used the funds of over 400 investors for personal luxury expenses and to pay returns to early investors, with the amount involved reaching $24 million.

ChainCatcher news, Indian authorities have seized nearly $190 million in cryptocurrency related to Bitconnect during an ongoing investigation into a crypto Ponzi scheme that was uncovered in 2018, resulting in losses of approximately $2.4 billion for 4,000 investors across 95 countries. Bitconnect was launched in 2016 and collapsed in 2018.It is reported that Bitconnect founder Satish Kumbhani (who was charged by the U.S. Department of Justice in February 2022) established a global network of promoters, paying them commissions to promote the Ponzi scheme.

ChainCatcher news, according to the Nevada Attorney General's Office, Las Vegas businessman Brent C. Kovar made his first court appearance on February 14 for alleged cryptocurrency fraud.Prosecutors accuse him of falsely claiming to use artificial intelligence to mine and verify cryptocurrency transactions through his company Profit Connect from the end of 2017 to July 2021, promising annual returns of 15%-30% and offering a full refund guarantee, defrauding approximately $24 million from over 400 investors.Kovar faces 12 counts of wire fraud, 3 counts of mail fraud, and 3 counts of money laundering, with a maximum sentence of 330 years in prison and a $4.5 million fine. The trial is set to begin on April 8, 2025.

ChainCatcher news, JPMorgan CEO Jamie Dimon stated that Bitcoin is a "Ponzi scheme" and has "no intrinsic value."

ChainCatcher news, according to Freepressjournal, the special PMLA court in India has rejected the release request of Hemant Bhope and his wife Lata. The couple is accused of being involved in one of India's largest Bitcoin Ponzi schemes, reportedly involving a Delhi-based company, Variabletech Pvt Ltd (VTPL). The defendants conspired to lure investors into purchasing Bitcoin and encouraged others to invest in the company's fraudulent activities, with the scheme amounting to as much as 66.06 billion rupees.

ChainCatcher news, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against a pastor named "Francier Obando Pinillo," accusing him of promoting a cryptocurrency Ponzi scheme to 1,500 people, including some congregants of a church in Washington, claiming that the scheme raised $6 million.The regulator alleges that from November 1, 2021, to December 31, 2023, Pinillo claimed to be the CEO of Solanofi, Solano Partners Ltd., and Solano Capital Investments, companies that developed the "Solano ecosystem" and traded Bitcoin, Ethereum, USDT, and other cryptocurrencies on behalf of clients. Pinillo promised clients that through Solanofi, they could earn up to 34.9% profit each month.The CFTC stated that the trading or staking services promised by Pinillo did not exist at all, and his statements and account statements were false. The defendant misappropriated all digital and fiat assets transferred by clients. The regulator seeks restitution for defrauded clients, the forfeiture of all funds generated through the scheme, the imposition of trading bans, and the issuance of a permanent injunction.

ChainCatcher news, Ryan Kim, founding partner of the crypto investment firm Hashed, stated on social media that in 2014, Ripple Labs sold XRP in South Korea through the "Ripple Market Korea" project in a "Ponzi scheme" manner, attracting a large number of South Korean investors. These early investors may have received substantial returns, and there is a real XRP community in South Korea, which is why many Koreans are buying XRP.According to a report from South Korean media in November 2014, the platform operator Ripple Market Korea completed its first round of sales within 2 hours on its opening day. The platform issued its own token RMK, promising to return transaction fee profits to users based on their holdings. At that time, the platform promoted advantages such as the ability to exchange XRP with various national currencies, investment from Google Ventures, and compliance with U.S. regulations.

ChainCatcher news, according to News.bitcoin, Nigeria's proposed "Investment and Securities Bill" suggests imprisoning Ponzi scheme operators. This bill has been welcomed by participants in the cryptocurrency industry, who hope that this move will help to cleanse the industry's reputation.

ChainCatcher news, according to the U.S. Department of Justice, U.S. Attorney for the Southern District of New York, Damian Williams, announced that on October 15, 2024, JUAN TACURI, one of the promoters of the cryptocurrency Ponzi scheme Forcount (later known as Weltsys), was sentenced to a maximum of 240 months in prison by U.S. District Judge Analisa Torres.It is reported that the scheme spanned the globe, ensnaring thousands of victim investors ("victims"), primarily targeting Spanish-speaking individuals in the United States. JUAN TACURI profited millions of dollars from the scam and spent the money on items such as real estate and luxury goods in Florida.

ChainCatcher news, according to Cointelegraph, an 86-year-old former California lawyer was sentenced to five years of probation and ordered to pay nearly $14 million after admitting to running a multi-million dollar cryptocurrency Ponzi scheme.On October 8, Las Vegas federal court Judge Gloria Navarro sentenced David Kagel to probation after he pleaded guilty to a conspiracy charge of commodity fraud in May.Due to his poor health, Kagel is currently receiving hospice care at a senior facility in Las Vegas, where he will serve his probation unless he leaves, at which point he will be required to wear a monitoring device. Government prosecutors who charged Kagel last year stated that from December 2017 to around June 2022, David Kagel and two accomplices lured victims into investing in a fraudulent cryptocurrency trading scheme with promises of high returns and no risk.

ChainCatcher news, according to a statement released by the U.S. Attorney's Office for the Southern District of New York, U.S. District Judge Jennifer L. Rochon sentenced 41-year-old IcomTech founder David Carmona to 121 months in prison on Friday. Carmona had previously pleaded guilty to a charge of conspiracy to commit telecommunications fraud.

ChainCatcher news, according to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and several of his entities to pay a fine of $209.61 million.The entities involved include Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court's decision was based on the CFTC's findings of fraudulent solicitation and misappropriation of funds, which the CFTC described as a Ponzi scheme disguised as cryptocurrency and carbon investment projects.The judgment requires Sam Ikkurty to pay $83.7 million in restitution to investors, offsetting $36.9 million in illegal proceeds forfeiture, in addition to a civil penalty of $110.9 million.

ChainCatcher news, the U.S. SEC announced emergency asset freeze measures against brothers Jonathan Adam and Tanner Adam and their company, accusing them of executing a $60 million Ponzi scheme from January 2023 to June 2024, involving over 80 investors.The SEC stated that the Adam brothers fabricated a cryptocurrency trading "robot" and lending pool, promising monthly returns of up to 13.5%. In reality, they used investor funds to pay false returns and for personal luxury expenses, including the purchase of a $30 million apartment and luxury cars. The SEC has filed a lawsuit in court seeking a permanent injunction, recovery of illegal gains, and civil penalties.

ChainCatcher news, according to Bitcoinist, Yang Bin, who was once the second richest person on the Chinese rich list, has been sentenced to six years in prison in Singapore for running a Ponzi scheme disguised as a cryptocurrency investment business, involving millions of dollars.On August 26, the 61-year-old Dutch national of Chinese descent admitted to eight charges, including conspiracy to participate in a fraudulent scheme and operating without a valid work permit, and was fined 16,000 Singapore dollars (12,200 USD).According to local media reports, Yang Bin conducted fraudulent activities under the name A&A Blockchain Innovation, attracting over 700 investors who invested 6.7 million Singapore dollars between May 2021 and February 2022, but lost about 1.1 million Singapore dollars.The company claimed to own 300,000 cryptocurrency mining machines, generating a daily return of 0.5% for investors. However, such machines did not actually exist. Instead, Yang Bin used funds from new investors to pay returns to earlier investors, a hallmark of a Ponzi scheme.It is reported that in 2001, Yang Bin was ranked as the second richest person on the Chinese rich list by Forbes magazine and was regarded as a pioneer in China's economic boom and a model of rapid wealth accumulation. In 2003, he was sentenced to 18 years in prison by a Chinese court for tax evasion and was released in 2016 after serving his sentence.