Nine People Charged for Allegedly Operating Two Crypto Ponzi Schemes | CoinMarketCap

Fresh from charging Sam Bankman-Fried, the Southern District of New York has now set its sights on prosecuting nine people who were allegedly involved in operating two crypto Ponzi schemes.They claimed to be mining and trading companies, and allegedly deceived victims by promising daily returns — and guaranteeing that any investment would double in six months.

But it's claimed that neither company actually engaged in this activity, and funds were used to pay other victims, further promote the schemes, and enrich the founders."The schemes' promoters often showed up at larger-scale events in expensive cars and wearing luxury clothing as a way of exhibiting their purportedly legitimate success from the schemes. The atmosphere of these events was festive and designed to generate excitement about the schemes.

Those who signed up were given access to an online portal where they could apparently see how much profit they had made — but most victims were unable to make any withdrawals and ended up losing everything. The charges against the nine people include conspiracy to commit wire fraud, conspiracy to commit money laundering, and making false statements."With these two indictments, this office is sending a message to all cryptocurrency scammers: We are coming for you. Stealing is stealing, even when dressed up in the jargon of cryptocurrency.

Sinfinite?

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