Alleged $165M crypto Ponzi mastermind faces US charges after Fiji deportation
Prosecutors allege Edward Zimbardi collected crypto from thousands of investors, lost over $34 million on currency trades and spent at least $10 million personally.
Edward Zimbardi, suspected mastermind behind a $165 million cryptocurrency Ponzi scheme, has been deported from Fiji to the United States to face federal charges. According to prosecutors, Zimbardi orchestrated the fraudulent "Crypto Program" investment from June 2022 to August 2023, promising investors a guaranteed 25% monthly return.
Instead, Zimbardi allegedly siphoned over $165 million in crypto from thousands of investors, using it to cover the losses from risky currency trades and personal expenses, including a luxury home, vehicles and alimony payments. He was indicted on July 8 for 12 counts of wire fraud, 12 counts of money laundering and one count of money laundering conspiracy.
Zimbardi reportedly fled to Fiji after learning of the FBI investigation and remained there for over a year before being deported and scheduled to appear before a federal magistrate in Los Angeles.
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