Foresight News reports that according to the U.S. Eastern District of Virginia Federal Prosecutor’s Office, Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), was sentenced to 20 years in prison for operating a Bitcoin Ponzi scheme involving $200 million. Palafox falsely claimed that PGI was involved in Bitcoin trading and promised daily returns of 0.5% to 3%, but in reality, he used new investors’ funds to pay returns. Between December 2019 and October 2021, over 90,000 investors worldwide invested more than $201 million (including $30.295 million in cash and 8,198 Bitcoin), resulting in total investor losses exceeding $62.69 million. Additionally, Palafox used over $12 million of the funds to purchase luxury goods, luxury cars, and real estate.
Foresight News previously reported that Ramil Ventura Palafox admitted to wire fraud and money laundering in September 2025, with the court initially expecting a maximum sentence of 40 years.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
英国前首相称比特币是庞氏骗局，Michael Saylor 反驳强调 BTC 去中心化特性
英国前首相鲍里斯·约翰逊近日在X平台上表示怀疑比特币是“巨大的庞氏骗局”，对此比特币财库公司CEO迈克尔·塞勒对此表示不同意，强调比特币是去中心化的货币网络，没有承诺回报。
GateNews52m ago
Bitcoin Treasury Firms on Track to Absorb 10x Daily Mined Bitcoin Supply, Industry Leaders Say
Corporate demand for bitcoin is accelerating as publicly traded companies tap stock and preferred-share financing to accumulate supply, a trend some industry leaders say could significantly increase corporate demand for newly mined coins and potentially influence market dynamics.
Wall Street
Coinpedia1h ago
「0x083」鲸鱼地址卖出50枚BTC换仓1693枚ETH，并10倍杠杆做多LINK
Gate News 消息，3 月 15 日，据 Onchain Lens 监测，「0x083」鲸鱼地址在 8 小时前卖出了 50 枚 BTC（价值 352 万美元），买入了 1693 枚 ETH，目前持有 5698 枚 ETH（价值 1192 万美元）。此外，该鲸鱼还向 HyperLiquid 存入了 70 万 USDC，并以 10 倍杠杆开立了
GateNews1h ago
USDT Liquidity Crunch Emerges as Exchange Withdrawals Surge Amid Hormuz Crisis - BTC Hunts
The post USDT Liquidity Crunch Emerges as Exchange Withdrawals Surge Amid Hormuz Crisis appeared first on Coinpedia Fintech News
Something strange is happening with USDT, and it’s not the kind of shift traders and investors usually celebrate. On the surface, Ethereum’s USDT activity looks
BTCHUNTS1h ago
Basel rule changes could unlock huge Bitcoin liquidity: Analyst
The Basel III framework governing bank capital requirements is set for an update in 2026, with potential implications for the crypto ecosystem. The outcome could hinge on how the largest digital asset is treated in risk-weight calculations, and analysts warn
CryptoBreaking2h ago
