According to Decrypt, a Texas court has rejected the bankruptcy petition of Nathan Fuller, who admitted to running a cryptocurrency Ponzi scheme through Privvy Investments LLC involving more than $1.25 billion. The court found that Fuller concealed assets, falsified records, and used investor funds for luxury goods, gambling trips, and the purchase of a nearly $1 million property for his ex-wife.
The Department of Justice emphasizes that bankruptcy proceedings will not be a "safe haven" for crypto fraudsters. Although blockchain technology can track the flow of funds, legal experts point out that investors are likely to recover only a portion of their funds, especially if assets have been misappropriated or moved overseas.
US court rejects crypto Ponzi scheme operator's $1.25 billion bankruptcy petition
2025-09-11 05:50:52
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