They Played on the Religious Beliefs of Cryptocurrency Investors and Established a 1 Billion Dollar Ponzi Chain

The US New York Attorney General's Office took action against a $1 billion cryptocurrency pyramid scheme.

Two individuals defrauded thousands of investors from around the world in approximately four years.

The project went bankrupt, they established a new one

The New York Attorney General filed a lawsuit against Cynthia Petion and her husband Eddy Petion.

Allegedly, the duo established a cryptocurrency mining project under the name AWS Mining and promised investors a 200% return. The project collapsed in April 2019.

Then, a project called NovaTech was established as a cryptocurrency and forex trading platform. Investors deposited more than $1 billion worth of cryptocurrencies into the platform between August 2019 and 2023.

However, only $26 million worth of transactions were made on the platform.

Ponzi chain was established

The New York Attorney General claimed that both projects were actually a pyramid scheme. After investing on the platform, users earned money from other investors they brought to the platform.

NovaTech investors were promised that they would earn income from cryptocurrency transactions. Instead they were paid with other investors' money.

Manipulating customers' ethnic origins and religious beliefs, fraudsters promised them "financial freedom". Scammers advertised specifically towards low-income investors.

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