3 arrested for alleged $722 million cryptocurrency ‘Ponzi scheme’

3 arrested for alleged $722 million cryptocurrency ‘Ponzi scheme’

Three people were arrested — and two more remain at large — for involvement in an alleged “high-tech Ponzi scheme” that defrauded $722 million out of investors using the “complex world of cryptocurrency,” according to federal authorities. The alleged scheme includes a trail of evidence indicating they were targeting “dumb” investors and “building this whole model on the backs of idiots,” investigators added.