Alleged $165M Crypto Ponzi Mastermind Deported From Fiji to US

[_act_]

The same method the same way, but many people are ignorant. Many ponzi schemes can easily be known, but people are just ignorant, fuel with greed.

How can someone be told that he can invest money and earn 25% return monthly? That is 300% return annually. What kind of investment will give such too good to be true return.

It is easy to know that this is a lie, but a ponzi.

Edward Zimbardi, 59, of Georgia, appeared in federal court to face 12 counts of wire fraud, 12 counts of money laundering, and one conspiracy count after Fijian authorities deported him to the U.S. on Aug. 14 in coordination with the FBI and State Department.
Prosecutors allege that from June 2022 to August 2023 he ran a $165 million Ponzi scheme called The Crypto Program, promising a guaranteed 25% monthly return and directing investors to send crypto into wallets he secretly controlled.
The DOJ says he gambled over $34 million on risky currency trades, paid earlier investors with newer funds, and spent at least $10 million on personal expenses.

If you are interested in reading it:
https://decrypt.co/375933/crypto-ponzi-mastermind-deported-fiji-us

[Maslate]

How can someone be told that he can investigate money and earn 25% return monthly? That is 300% return annually. What kind of investment will give such too good to be true return.

Maybe you mean “invest,” not “investigate,” because that’s another thing.

As for this kind of news, it’s nothing new. It happens everywhere, even in countries where people are already very aware of these kinds of scams, there are still those who become vulnerable to them.

But the most important thing people still seem to forget is this: when the return sounds too good to be true, that’s already a big warning sign that it could be a scam.

[Doan9269]

The problem is that everyone wants to be rich and even get more richer despite what they already have acquired, so they will always try to explore for more opportunities to expand their wealth, but little do some know that all these are only a trial by error attempt, because scammers are also ready to play along with them in the game, many instances of corporate organizations turns to be a scam when they have already signed a deal worth of millions of dollars, the problem they have is that must they have to go through draina third party investor before they could achieve something from investment.

[_act_]

Maybe you mean “invest,” not “investigate,” because that’s another thing.

Thanks you for correcting that. It was a typo. I have edited and corrected it.

As for this kind of news, it’s nothing new. It happens everywhere, even in countries where people are already very aware of these kinds of scams, there are still those who become vulnerable to them.

Yes, this kind of news is not something new at all, but it is new to some people. You know some people are just growing to a level they can be prone to it. I hope people like that on this forum can be helped from this kind of news. I hate people getting scammed, but scam can not be eliminated. Information can help some people, but not everyone.

There was a person I explained a scam to last year, it was very surprising that the person later fell for similar scam.

[KiaKia]

Unfortunately that's what some people really are, ignorant mixed with laziness and greed, these type of people will get eaten up by smart bad actors, I know it's wrong from the bad actor side but at the same time someone needs to teach them some senses.

To be they got what they deserved, this isn't the case of hacks or phishing, it's the case of humans been senseless and can think for themselves, they believe that money just come out of nowhere without working for it.

This type of people will fall for anything, Ponzi and easiest fake investments, they are the reason why scams are looking like a breading ground for money, it's why numbers of scammers are increasing.

If the pool is empty no one will come with a bucket to try and fetch water.

[bitbollo]

these are not just ponzi but real hyip.
It would be the correct name because it's like calling this investement as "magic" and nothing else.
the real problem is:
-it's really hard to ban these evil websites since there is still someone pretending this is a form of "freedom"
-there are thousands of people that believe for it.
-they assume this is how it works in crypto (you get rekt...)

[Maslate]

There was a person I explained a scam to last year, it was very surprising that the person later fell for similar scam.

Some people are just too stupid, they dont learn from other peoples experience, they want to learn it themselves.

Actually, some even treat this kind of scheme like gambling. I know some people who joined this type of scheme early. They were among the first members, then they recruited more people and earned incentives from that.

According to them, as long as they get in early, they can still profit. Thats usually how a pyramid scam works, the ones who join late are the ones who end up losing.

[Mitchell]

Why didn't you post this in the general topic? It is a scam.

Quoting OP there and closing + archiving this topic.