Bitcoin Firm Leader Gets 20-Year Sentence for $200 Million Fraud

Ramil Ventura Palafox received a 20-year prison sentence for orchestrating a $200 million Ponzi scheme, misleading investors with false promises.

Ramil Ventura Palafox, the CEO of a Bitcoin trading enterprise, has been sentenced to two decades in prison after being found guilty of masterminding a Ponzi scheme that defrauded investors of $200 million. According to the Department of Justice, Palafox falsely assured clients that they would receive daily returns ranging from 0.5% to 3%, a promise that his company was unable to fulfill.