Praetorian Group International CEO pleads guilty to $200 million Bitcoin Ponzi scheme

Huoxun Finance reported on September 18th that Ramil Ventura Palafox, CEO of Praetorian Group International, pleaded guilty to operating a Bitcoin Ponzi scheme involving over $200 million, according to the U.S. Department of Justice's official website. The scheme lured over 90,000 investors worldwide by falsely promising daily returns of 0.5% to 3%, then used new investors' funds to pay old investors' returns. Palafox used the funds to purchase luxury cars, homes, and other luxury goods, resulting in investor losses exceeding $62 million. He will be sentenced on February 3, 2026, and faces up to 40 years in prison. He has also agreed to pay full restitution.