Techub News reports that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has been sentenced to 20 years in prison for orchestrating a $200 million Bitcoin Ponzi scheme that defrauded over 90,000 investors worldwide.
From December 2019 to October 2021, Palafox claimed that the company engaged in high-volume Bitcoin trading, promising daily returns of 0.5% to 3%. However, the company’s actual trading volume was insufficient to generate such returns. During this period, over 90,000 investors worldwide invested more than $201 million in PGI, including at least $30.3 million in cash and 8,198 Bitcoins (valued at approximately $171.5 million at the time). Investors ultimately suffered losses of at least $62.7 million. Palafox pleaded guilty last September to wire fraud and money laundering charges. Under the plea agreement, he agreed to pay $62.7 million in restitution. The Department of Justice stated that victims can apply for compensation through the Federal Bureau of Investigation.
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
Viewpoint: Bitcoin Constrained Below $72,000, Four On-Chain Indicators Show Weakening Demand
Bitcoin price continues to remain below $72,000, with weakening market demand as investors begin to sell off positions, limiting short-term upside potential. On-chain activity and mining hash rate are declining, miner profitability is weakening, and market concerns about miner sell-offs are intensifying.
BlockBeatNews3m ago
BTC rises 0.90% in 15 minutes: Large account holders drive short-term rebound
Between 2026-03-25 16:15 to 16:30 (UTC), BTC recorded a +0.90% return within the 15-minute K-line, with a price range of 70829.6 to 71746.1 USDT, reaching an amplitude of 1.29%. The short-term volatility during this period attracted market attention, with active trading driving a slight expansion in transaction fluctuations. Overall market sentiment is neutral to slightly bullish, with attention increasing marginally, but no signs of significant emotional spread were observed.
The primary driver of this volatility was large account concentrated operations against the backdrop of exchange liquidity at low levels, producing a significant impact. Whale holders positioned during this window
GateNews6m ago
This Rare Silver Signal Has One Message For Bitcoin In 2026: A Big Move Is Coming
Silver price strength has returned to the spotlight after reaching a fresh high, and that move has placed Bitcoin back into a familiar conversation. BTC price now trades close to key levels, and one specific signal tied to silver has started to draw attention again as traders try to
CaptainAltcoin24m ago
After 194 liquidations, James Wynn opens a 40x "Ant Position" Bitcoin short.
BlockBeats News: On March 25, according to lookonchain monitoring, James Wynn opened another 40x Bitcoin short position with a position size of 0.62 BTC at an entry price of $70,806. The liquidation price is $71,675.1. His address has been liquidated 194 times previously.
BlockBeatNews34m ago
Traders say Bitcoin still due for ‘next leg lower’ targeting $46K BTC price
Bitcoin’s (BTC) failure to close the week above the 200-week exponential moving average (EMA) on Sunday put it at risk of another downward leg over the coming weeks or months.
Key takeaways:
Bitcoin price signals “structural weakness” with failure to close week above a key trend line.
A
Cointelegraph1h ago
