Crypto Ponzi Scheme Busted: US Court Orders Hedge Fund Owner To Pay $84 Million

Quick Summary:

In the crypto world, a Chicago federal judge has ordered Sam Ikkurty, an Oregon resident, and his associated companies to pay over $120 million to victims defrauded in what the Commodity Futures Trading Commission (CFTC) has labeled a “classic Ponzi scheme.

The order also details the misappropriation of funds through a carbon offset program.

Investors should be wary of unrealistic returns and thoroughly research any investment opportunity before committing funds.

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Article Details

Author / Journalist: Christian Encila

Category: Crypto

Markets: Hungary

Topics: CFTC Crypto News Bitcoin Crypto Ethereum Ponzi Scheme

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-05 @ 01:00:54 (3 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 424 words

Reading Time: 3 minutes read

Sentences: 29 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 21486212

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 4 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 13 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #105

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