US Sends Crypto Promoter to Prison for 20 Years in Multi-Million Dollar Ponzi Scheme

A cryptocurrency promoter was sentenced to 20 years in prison for running a Ponzi scheme that defrauded thousands of investors, particularly in Spanish-speaking U.S. communities. The scheme, disguised as a crypto mining operation, promised guaranteed returns but left victims unable to withdraw funds while promoters pocketed millions. The fraudster was ordered to forfeit over $3.6 … Read more

Istanbul Police Arrest Omegapro Managers Over $4 Billion Crypto Fraud Scheme

Two managers from the now-defunct crypto fraudulent investment platform Omegapro were arrested in Istanbul, according to Turkish media reports. Dutch executive Robert Velghe was arrested Tuesday, following the July arrest of Swedish co-founder Andreas Szakacs. Omegapro, founded in 2018 and registered in Saint Vincent and the Grenadines, allegedly defrauded investors out of $4 billion by … Read more

Dogecoin Manipulation Lawsuit Against Elon Musk and Tesla Dismissed

Elon Musk and Tesla Inc. successfully had a lawsuit dismissed that accused them of manipulating the price of dogecoin (DOGE) for personal gain. A U.S. District Judge in Manhattan ruled that the plaintiffs failed to provide convincing evidence, despite multiple revisions of their claims. The lawsuit alleged that Musk’s social media influence caused a 36,000% … Read more

Ex-Banker Sentenced to 41 Months in US Prison for Crypto Fraud Scheme

Rashawn Russell, a former investment banker, was sentenced on Thursday to 41 months in prison for a cryptocurrency fraud scheme that caused $1.5 million in investor losses. From November 2020 to August 2022, Russell deceived multiple victims by promising high returns from cryptocurrency investments, only to misappropriate their funds for personal use, gambling, and repaying … Read more