Wu said that according to Bloomberg Law, a U.S. federal court ordered crypto hedge fund operator Jafia LLC and its owner Sam Ikkurty to pay nearly $84 million to crypto investors after they were found to have operated a crypto fraud similar to a Ponzi scheme. The case was brought by the Commodity Futures Trading Commission (CFTC), and the judge said in the ruling that Sam Ikkurty made various false statements about the crypto hedge fund operated by his company Jafia, including statements about his experience trading cryptocurrencies. In addition, Ikkurty also used other investors' money to pay high acquisition fees to fund investors, which was a "classic Ponzi scheme."
