According to TechFlow, the New York Attorney General sued two companies and their promoters, accusing them of running a cryptocurrency pyramid scheme that defrauded investors of more than $1 billion.
One of the cryptocurrency mining investment programs, AWS Mining, went bankrupt in April 2019, promising a guaranteed 200% return.
From August 2019 to April 2023, investors deposited more than $1 billion worth of cryptocurrencies in NovaTech, a cryptocurrency and foreign exchange trading platform, but the trading volume on the platform was only $26 million.
