The PlusToken controversy, which has led to the arrest of 109 individuals so far, has also reportedly resulted in a titanic seizure of crypto assets by Chinese authorities worth $4.2 billion at today’s prices. According to court filings released publicly on Nov. 19 and posted by The Block, authorities seized a staggering 194,775 Bitcoin (BTC), 833,083 Ether (ETH), 1.4 million Litecoin (LTC), 27.6 million EOS, 74,167 Dash, 487 million XRP, 6 billion Dogecoin (DOGE), 79,581 Bitcoin Cash (BCH) and 213,724 Tether (USDT) from seven individuals convicted in the case. According to the ruling from the Yancheng Intermediate People’s Court, gains …

Matthew Piercey, the accused operator of two fraudulent firms that solicited tens of millions to ostensibly invest in cryptocurrency mining, life insurance and other assets, has been apprehended by authorities after a failed attempt to escape FBI agents using a sea scooter. According to Californian media outlet The Sacramento Bee, the 44-year-old Shasta County man evaded agents seeking to arrest him for an hour. He first fled in his truck from his home in Redding, California. After driving through the town’s residential areas, the suspect veered off-road twice on his way to the Interstate 5 highway before abandoning his vehicle …

The Commonwealth Director of Public Prosecutions has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme following an investigation by the Australian Securities and Investments Commission, or ASIC. According to a Nov. 17 statement from the ASIC, the commission — with assistance from the U.S. Federal Bureau of Investigation — recommended charges against John Louis Anthony Bigatton for his role working for BitConnect from August 2017 through January 2018. He faces four courts of making misleading or false statements that had an influence on market participation, one count of operating an unregistered …

Even as the OneCoin Ponzi scheme makes its way through the courts, a movie about it is now in development with a Titanic lead star. As reported by Deadline, Kate Winslet has signed on to star and produce Fake!, a movie based on an unpublished book by Jen McAdam and Douglas Thompson. McAdam, a victim of the OneCoin scheme, will be a producer on the film. Fake! will be written and directed by Scott Z. Burns, who helmed The Report, a political drama based on the CIA’s report on torture post 9/11, and wrote the 2011 pandemic movie Contagion, which …

Popular day trader and founder of Barstool Sports Dave Portnoy revealed that he bought $1.25 million worth of Bitcoin even though he thinks its “just one big Ponzi scheme” in an interview with crypto podcaster Anthony Pompliano. Portnoy summed up his view of crypto trading as: “You get in, and you just have to not be the one left holding the bag.” The sport and pop culture celebrity, whose day trading exploits have become hugely popular during the coronavirus pandemic, only recently delved into the world of crypto. He entered the Bitcoin (BTC) market in mid-August, following a meeting with …

The Philippines SEC has released an official warning about Bitcoin (BTC) “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise. The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges,” stating: “The aforementioned scheme used by Mining City clearly shows an indication of a possible Ponzi scheme in which new investor money is used to pay ‘bogus profits’ to those who …

Six of the 109 individuals recent arrested by Chinese authorities in connection with the $5.8 billion crypto Ponzi PlusToken have been charged. The defendants Chen Shaofeng, Luu Jianghua, Lu Jianghua, Lu Qinghai, Jin Xinghai, Wang Yin, and Zhang Qin were charged by prosecutors in Xiangshui County and Yancheng City on September 7. The authorities said they were “suspected in organizing and leading criminal pyramid schemes.” 109 individuals suspected of involvement with PlusToken were arrested in late July, including 27 persons believed to be the scam’s executives along with 82 “key” promoters. The accused ringleader of the scheme was also arrested …

The Australian Securities and Investments Commission (ASIC) has banned John Louis Anthony Bigatton, the former ‘Australian National Representative’ of the multi-billion-dollar crypto Ponzi scheme BitConnect, from providing financial services for seven years. ASIC asserts that the New South Wales resident provided unlicensed financial product advice and engaged in misleading and deceptive conduct while working for BitConnect from August 2017 through January 2018. While an investigation is still ongoing, the regulator has found that: “Mr. Bigatton is not a fit and proper person to provide financial services: is not adequately trained, or is not competent, to provide a financial service or …

The latest ruling in the class-action lawsuit against OneCoin has dismissed Konstantin Ignatov, co-founder of OneCoin, as a defendant after he agreed to testify against his sister. Ignatov is the brother of Ruja Ignatova, the infamous leader and face of OneCoin also known as “Cryptoqueen.” Ignatova disappeared in 2017 and has since managed to evade authorities and the general public. While Ignatov was dismissed from the lawsuit initiated by defrauded OneCoin investors, court documents indicate that this same case will continue to target Ignatova. Both siblings are still the defendants in another legal action brought by the United States Department …

A recent filing from the United States Securities and Exchange Commission, or SEC, takes action against three individuals for allegedly raising millions of dollars against more than 1,000 victims. "From 2017 to May 2019, Jali, Frimpong, and Johnson, directly and through two entities created to perpetrate the scheme, Smart Partners and 1st Million (the 'Companies'), fraudulently raised more than $27 million from approximately 1,200 investors, many of them African immigrants," an Aug. 28 legal filing states. The allegations claim the three individuals used their influence in churches and health care, preying on commonalities and beliefs of those around them for …

In the case of United Kingdom-based Control-Finance and its AWOL operator Benjamin Reynolds, the United States Commodity Futures Trading Commission asked the court to order Reynolds pay nearly half a billion dollars on Aug. 20. In a legal action that began in June of last year, the CFTC has been unsuccessful in its attempts to locate Reynolds. The commission alleges that Reynolds laundered 22,858 Bitcoin from May to October of 2017 — by their estimates worth $147 million at the time, but as of press time valued at $269 million. The CFTC’s proposed judgment asks for $429 — nearly three …

Konstantin Ignatov, the brother of OneCoin’s fugitive founder Ruja Ignatova and a major figure behind the $4 billion Ponzi scheme, agreed to testify against his sister as part of a settlement that saw Ignatov dismissed from civil litigation targeting the scam. Newly reported details regarding the settlement’s terms reveal that Ignatov has agreed both to cooperate with the class of OneCoin investors bringing the suit forward and to testify against his sister on their behalf should the suit go to trial. Ignatov is also a defendant and cooperating witness in a parallel criminal case, with his testimony helping secure the …