PGI CEO Sentenced to 20 Years in $200M Bitcoin Ponzi Scheme

  vor 8 Monaten

The US Department of Justice announced that Ramil Ventura Palafox, the CEO of Praetorian Group International (PGI), was sentenced to 20 years in prison. Prosecutors stated that Palafox operated a $200 million Bitcoin-based Ponzi scheme that defrauded more than 90,000 investors across the world. Bitcoin Fraud Case According to court documents, Palafox, the 61-year-old dual citizen of the United States and the Philippines, owned and controlled PGI and served as its chairman, chief executive officer, and chief promoter. Prosecutors said Palafox falsely claimed that PGI was engaged in Bitcoin trading and marketed the firm as a multi-level marketing investment opportunity. He promised investors daily returns ranging from 0.5% to 3%. In reality, PGI was not trading Bitcoin at a scale capable of generating those returns, and investor payouts were funded using victims’ own deposits or money from new investors. From December 2019 through October 2021, at least 90,000 investors invested more than $201 million in PGI, including approximately $30.3 million in fiat currency and at least 8,198 BTC, worth around $171.5 million at the time. As a result of the scheme, investor losses rose to over $62 million. Court records reveal that Palafox created an online PGI portal that allowed investors to track what he represented as their investment performance. Between 2020 and 2021, the website consistently and fraudulently displayed gains, which led victims to believe their investments were profitable and secure. Luxury Cars, Mansions, and Lies Palafox spent roughly $3 million on 20 luxury vehicles, including models from Porsche, Lamborghini, McLaren, Ferrari, BMW, and Bentley. He also spent about $329,000 on penthouse suites at a luxury hotel chain and purchased four homes in Las Vegas and Los Angeles, estimated to be more than $6 million. Additional spending included approximately $3 million on luxury clothing, watches, jewelry, and home furnishings from retailers such as Louboutin, Neiman Marcus, Gucci, Versace, Ferragamo, Valentino, Cartier, Rolex, and Hermès. Prosecutors said Palafox also transferred at least $800,000 in fiat currency and 100 BTC, which was then equivalent to $3.3 million, to a family member. The Justice Department said PGI victims may be eligible for restitution. Separately, PGI Global’s UK entity was shut down by the United Kingdom High Court back in 2022. In April 2025, the US Securities and Exchange Commission (SEC) charged Palafox with orchestrating the massive Ponzi scheme. The post PGI CEO Sentenced to 20 Years in $200M Bitcoin Ponzi Scheme appeared first on CryptoPotato .

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Fed Chair Nominee Warsh Sparks Volatility in Bitcoin as Employment Data Fuel Uncertainty

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The Fed nominee's approach and historic job revisions have unsettled cryptocurrency markets, especially Bitcoin. Major downward adjustments in job statistics challenge perceptions of a strong U.S. Continue Reading: Fed Chair Nominee Warsh Sparks Volatility in Bitcoin as Employment Data Fuel Uncertainty The post Fed Chair Nominee Warsh Sparks Volatility in Bitcoin as Employment Data Fuel Uncertainty appeared first on COINTURK NEWS .

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SBI CEO Makes Major Clarification On the Firm’s XRP Holdings: Could Be Bigger Than $10B

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Institutional positioning in the digital-asset economy continues to evolve beyond simple token accumulation. Major financial groups now pursue deeper strategic exposure through equity ownership, infrastructure expansion, and regional market integration. This broader shift has reignited attention around one of Asia’s most influential blockchain partners and its long-standing relationship with Ripple’s ecosystem. Coverage highlighted by BankXRP brought renewed focus after leadership at SBI Holdings addressed persistent assumptions about the firm’s XRP exposure and its ties to Ripple Labs. Remarks from chief executive Yoshitaka Kitao clarified that the company’s value connection extends beyond direct token ownership, pointing instead to a substantial equity stake that may carry even greater long-term significance. SBI CEO @yoshitaka_kitao just clarified: “Not $10 bil. in XRP, but around 9% of Ripple Labs. So our hidden asset could be much bigger.” Recent reports peg Ripple’s valuation at $50B+, putting SBI’s 9% stake at $4.5B+ already with massive future upside as the CEO hints. https://t.co/M0Gk3BJUwd pic.twitter.com/QyGNswxbtA — 𝗕𝗮𝗻𝗸XRP (@BankXRP) February 15, 2026 Equity Ownership Reshapes the Narrative Public discussion has often framed SBI as a multibillion-dollar XRP holder. Kitao’s clarification shifts that narrative toward ownership of roughly nine percent of Ripple itself. This distinction matters because equity exposure links potential upside to Ripple’s enterprise valuation, technology adoption, and institutional partnerships rather than to short-term cryptocurrency price swings alone. Private-market estimates placing Ripple’s valuation above $50 billion imply that SBI’s shareholding could already represent several billions in embedded value. As Ripple expands services tied to cross-border settlement, liquidity infrastructure, and tokenized finance, that stake may appreciate independently of daily market volatility in XRP. Regional Expansion Strengthens Strategic Alignment SBI’s continued growth across Asia reinforces the long-term logic behind this positioning. The firm’s acquisition of Coinhako, a regulated digital-asset platform in Singapore, deepens its operational footprint in one of the world’s fastest-growing blockchain regions. Southeast Asia’s demand for efficient remittances, compliant trading venues, and payment innovation makes the move strategically significant. By combining infrastructure ownership with regulated exchange access, SBI advances an ecosystem strategy rather than a speculative investment approach. This structure closely mirrors Ripple’s institutional focus and strengthens the partnership’s relevance in global financial modernization. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 Hidden Value in Early Blockchain Stakes Kitao’s comments also reflect a wider industry pattern. Early strategic investors in foundational blockchain companies may hold balance-sheet value that the broader market has yet to fully recognize. As firms like Ripple mature and integrate with traditional finance, equity stakes secured during earlier development phases could generate outsized returns compared with direct token exposure alone. Institutional Signals for the XRP Ecosystem This clarification reframes how observers interpret institutional confidence in XRP-related infrastructure. SBI emerges not merely as a token participant but as a foundational shareholder positioned to benefit from Ripple’s enterprise trajectory. The development highlights a maturing digital-asset landscape where ownership, infrastructure, and long-term alignment increasingly define value creation across global blockchain finance. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post SBI CEO Makes Major Clarification On the Firm’s XRP Holdings: Could Be Bigger Than $10B appeared first on Times Tabloid .

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Blockchain Lending Platform Figure Hit By Data Breach – Details

  vor 8 Monaten

Figure Technology confirmed that some customer files were stolen after an employee was tricked, according to reports. The company says the intrusion happened when an internal account was used to download a limited batch of records. The breach did not stem from a flaw in its blockchain system, but from human error. Reports say the stolen material was later posted online by a hacker collective that claimed responsibility. The group is said to have released about 2.5GB of data after alleging that ransom talks broke down. That public dump quickly drew attention across the crypto and fintech space. Customer Names, Contact Details Among Items Exposed Based on reports that reviewed samples of the leaked files, the exposed data includes full names, home addresses, dates of birth, and phone numbers. These are the kinds of details often used in identity fraud or targeted scams. The exact number of affected customers has not been shared publicly. That missing figure leaves uncertainty about how large the fallout could be. Security researchers warn that even when bank accounts or crypto wallets are untouched, personal data alone can create serious risk. Phishing calls, fake loan offers, and account takeover attempts often follow this type of leak. Figure Hit By Social Engineering Attack According to coverage of the incident, attackers used a social engineering method to gain access to an employee’s credentials or active session. Instead of breaking through code, they relied on deception. Once inside, files were downloaded through that employee’s access rights. The company said it detected suspicious activity and moved to block it. Outside forensic specialists were brought in to review system logs and determine what was accessed. A broader internal review is also under way. ShinyHunters claimed responsibility for the breach on its leak site. The group has been linked to prior data exposures involving tech and finance firms. In this case, the data was made public after payment demands were reportedly rejected. Figure said it will notify customers whose information was involved. Free credit monitoring services are being offered to those who receive formal notice. Impacted individuals are being advised to watch for unusual activity and unsolicited messages. Funds And Core Services Secure Reports note that lending operations and on-chain systems were not breached. The platform’s core financial infrastructure was not described as affected. Still, the exposure of personal records carries its own weight. Financial companies remain frequent targets because they hold detailed customer files. A single employee account, if misused, can open a door wider than expected. That lesson has surfaced again here. Regulators may seek further details in the coming weeks. Customers will be waiting for clearer numbers. The long-term cost, both financial and reputational, will depend on how widely the data spreads and how quickly protective steps are taken. Featured image from Yahoo Finance, chart from TradingView

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