Las Vegas businessman accused of operating a $24 million mining Ponzi scheme faces up to 330 years in prison

2025-02-17 12:49:31

Collection

ChainCatcher news, according to Bitcoin.com, Las Vegas businessman Brent C. Kovar has been sued for allegedly operating a cryptocurrency mining Ponzi scheme through the Profit Connect project, facing up to 330 years in prison.

It is reported that Kovar promised investors that his platform offered "AI-driven" cryptocurrency mining services and claimed to provide fixed returns of 15% to 30%, guaranteed by the Federal Deposit Insurance Corporation (FDIC). However, investigations revealed that Kovar did not engage in actual mining operations but instead used the funds of over 400 investors for personal luxury expenses and to pay returns to early investors, with the amount involved reaching $24 million.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.

Cryptocurrency Fraud Case Record

This topic will track and collect various scams and fraud cases in the cryptocurrency field. We will regularly update the latest information on virtual asset investment fraud, fraudulent activities, and other criminal activities, revealing scam techniques and methods of evading detection, helping investors identify risks and protect their interests.

Topic or theme