Praetorian Group International CEO pleads guilty to $200 million Bitcoin Ponzi scheme
2025/09/18 08:51
PANews reported on September 18th that, according to the U.S. Department of Justice website, Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to operating a Bitcoin Ponzi scheme involving over $200 million. The scheme lured over 90,000 investors worldwide by falsely promising daily returns of 0.5% to 3%, then used new investors' funds to pay existing investors. Palafox used the funds to purchase luxury cars, homes, and other luxury goods, resulting in investor losses exceeding $62 million. He will be sentenced on February 3, 2026, and faces up to 40 years in prison. He has also agreed to pay full restitution.
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
Share Insights
You May Also Like
DBS, Franklin Templeton, and Ripple partner to launch trading and lending solutions powered by tokenized money market funds and more
PANews reported on September 18 that according to Cointelegraph, DBS Bank, Franklin Templeton and Ripple have partnered to launch trading and lending solutions supported by tokenized money market funds and RLUSD stablecoins.
Share
PANews2025/09/18 10:04
Share
Kaisa Capital surged 250% after the company announced a strategic transformation and launched its RWA tokenization business.
PANews reported on September 18 that according to Jinshi, Kaisa Capital (00936.HK) rose 250% after the company announced a strategic transformation and the development of a real-world asset (RWA) tokenization business layout.
Share
PANews2025/09/18 10:12
Share
Forward Industries Files $4 Billion ATM Offering to Boost Solana Treasury
Forward Industries filed an automatic shelf to offer up to $4 billion in at-the-market common stock to support its Solana (SOL) treasury strategy.
Share
Blockchainreporter2025/09/18 05:10
Share