The bull market has temporarily stopped, and the staged bear market has reappeared.

In this market, there are still people who want to replicate the Ponzi scam at this time. As a result, they were severely punished!

Judge orders compensation of $120 million for Bitcoin Ponzi scheme: a major victory for CFTC supervision

Ikkurty operated through companies such as Rose City Income Fund and Seneca Ventures, using webinars and trade shows to attract investors, promising an annual return of 15%. He cited the success of previous investments to attract new participants.

However, the court found that these claims were greatly exaggerated. The marketing materials exaggerated past performance, and his fund almost completely depreciated, but it was not disclosed to investors.

Judge Roland's court order conducted an in-depth analysis of Ikkurty's plan and determined it to be a traditional Ponzi scheme. Instead of earning returns from solid investments, he used the funds of new investors to pay returns to early investors, a fundamentally unsustainable practice. The investigation also found that funds from the carbon offset program were misappropriated, and the misappropriation of funds caused a gap of more than $20 million, further highlighting the fraudulent nature of Ikkurty's activities.

Impact on the cryptocurrency market

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#sol

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