Ponzi

April

Billion

<p>The post <a href="https://coinpedia.org/crypto-live-news/ny-ag-sues-crypto-companies-for-alleged-1-billion-investor-scam/" rel="noopener noreferrer nofollow">NY AG Sues Crypto Companies for Alleged $1 Billion Investor Scam</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The New York attorney general has sued two companies and their promoters for allegedly defrauding investors of more than $1 billion. AWS Mining, which promised a 200% guaranteed return, collapsed in April 2019. This was followed by a second, larger fraud involving NovaTech. Investors deposited over $1 billion worth of cryptocurrency with NovaTech from August 2019 through April 2023, but only $26 million was ever traded on the platform. Both schemes were pyramid schemes, where promoters earned cryptocurrencies by recruiting others. Additionally, NovaTech was described as a Ponzi scheme.</p>

NY AG Sues Crypto Companies for Alleged $1 Billion Investor Scam

CoinPedia News

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