Ponzi schemer behind $201 million Bitcoin scam sentenced to 20 years in federal prison — promised 3% daily returns on Bitcoin investments, left investors reeling
Ramil Ventura Palafox, the mastermind behind a $201 million Bitcoin Ponzi scheme, has been sentenced to 20 years in federal prison for promising investors unrealistic 3% daily returns on their Bitcoin investments. The scheme, operated from December 2019 to October 2021, lured investors with the allure of Bitcoin's popularity. Praetorian Group International, Palafox's venture, managed to accumulate $201 million through BTC transfers and fiat currency deposits, resulting in significant losses for investors. Despite Palafox's promise to repay $63 million in damages as part of a plea deal, the chances of investors recovering substantial funds remain slim.
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