Global Bitcoin Ponzi Mastermind Pleads Guilty After $200M Fraud Unravels

A massive international Bitcoin Ponzi scheme has collapsed, leaving nearly 90,000 victims with losses exceeding $62 million.

U.S. authorities revealed that Ramil Ventura Palafox, 60, the CEO of Praetorian Group International (PGI), admitted to running the fraudulent investment program that promised daily returns of up to 3% but instead recycled funds from new investors to pay earlier participants.Between December 2019 and October 2021, PGI raised over $201 million, including more than 8,000 bitcoin. Instead of investing, Palafox used the money to fund a lavish lifestyle, buying 20 exotic cars, luxury homes in Las Vegas and Los Angeles, penthouse hotel suites, and millions in designer goods from brands like Gucci, Cartier, Rolex, and Hermes. He also funneled cash and bitcoin to relatives.

Palafox pleaded guilty to wire fraud and money laundering and now faces up to 40 years in prison. He has agreed to pay more than $62 million in restitution, with sentencing scheduled for February 10, 2026.

Clever Robot News Desk 22^th September 2025