Edward Zimbardi of Georgia, United States, was indicted for a $165 million encrypted Ponzi scheme

According to Reuters, Edward Zimbardi, a man from Georgia in the United States, was repatriated from Fiji to the United States on suspicion of operating an encrypted currency Ponzi scheme and faced 12 charges of telecommunications fraud, 12 money-laundering and 1 money-laundering conspiracy. According to the prosecution, Zimbardi promoted the encryption programme between June 2022 and August 2023 to over 6,000 investors, claiming that an investment of $550 would receive a guaranteed return of 25 per cent per month. Zimbardi did not purchase an advertising package, used funds for foreign exchange transactions at a loss of tens of millions of dollars, spent at least $10 million on personal expenses, and used new investor funds to repay old investors, which caused investors to lose more than $165 million。