Ponzi

April

Billion

<p>The post <a href="https://coinpedia.org/crypto-live-news/crypto-schemes-promoters-sued-over-1-billion-alleged-losses/">Crypto Schemes Promoters Sued Over $1 Billion Alleged Losses</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The New York attorney general has sued two companies and their promoters over alleged defrauding of investors of more than $1 billion. AWS Mining, with promises of a 200% guaranteed return, collapsed in April 2019, followed by the second most enormous fraud, NovaTech. Investors had deposited over $1 billion worth of crypto with NovaTech from August 2019 through April 2023, while only $26 million was ever traded on the platform. Each was a pyramid scheme where promoters who invested in the platforms earned cryptocurrencies and recruited others to do the same. NovaTech was also described as a Ponzi scheme.</p>

Crypto Schemes Promoters Sued Over $1 Billion Alleged Losses

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