CEO of Praetorian Group International Admits to $200 Million Bitcoin Ponzi Scheme
- Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to running a $200 million Ponzi scheme.
- Over 90,000 investors from around the world were defrauded between December 2019 and October 2021.
- Palafox faces a potential prison sentence of up to 40 years and has agreed to pay restitution of approximately $62.7 million.
- Investors lost more than $62.6 million due to fraudulent practices during the scheme’s operation.
- The scheme involved misleading claims about guaranteed returns from Bitcoin trading that never occurred.
This case underscores significant vulnerabilities in the cryptocurrency market, as it exploited investor trust through false promises and fabricated data on a deceptive platform.
With over $200 million raised and significant losses reported, this Ponzi scheme highlights the risks associated with unregulated Bitcoin investments.
