US DOJ After $7.2 Million Crypto Ponzi Banana Fund

The United States Department of Justice (DOJ) has filed a complaint against an alleged cryptocurrency Ponzi scheme to forfeit over $7 million in Bitcoin and Tether. Yet, the complaint asserts that the administrator withdrew about 100 bitcoins from the victims’ investments and used the funds to buy a house for his personal use.

When receiving numerous signals that the administrator of the fraudulent project may indeed be deceiving investors, the USSS began tracing his alleged operations and fund distributions. Upon locating the digital assets, the USSS “executed a seizure warrant on those funds and commenced this action the complaint to begin returning these funds to the administrator’s victims.”

Timeline of Bitcoin, Tether