Feds Bust Two in $650M OmegaPro Crypto Scam—Here’s How They Got Caught
Crypto’s wild west just got a sheriff. Federal authorities dropped the hammer on two alleged masterminds behind OmegaPro’s $650 million fraud scheme—proving even digital bandits can’t outrun the long arm of the law.
How it unraveled:
1. The promise: OmegaPro lured investors with sky-high returns and ‘revolutionary’ trading algorithms. Spoiler: The only thing revolutionary was their ability to vanish with funds.
2. The takedown: DOJ forensic teams followed the blockchain breadcrumbs straight to the suspects’ digital doorsteps. Pro tip: Mixers won’t save you when the feds subpoena exchange records.
3. The fallout: While regulators high-five over the bust, victims are left staring at empty wallets—another cautionary tale in crypto’s ‘trust us, we’re decentralized’ era.
Funny how these schemes always collapse right after the founders buy their third Lambo.
Cold-call crypto conmen jailed for $2M fraud in UK crackdown
In another case, UK authorities have sentenced two men to prison for orchestrating a fraudulent cryptocurrency scheme that targeted 65 victims through cold calls. Raymondip Bedi and Patrick Mavanga posed as representatives of fake crypto consultancy firms, convincing individuals to invest in bogus ventures.
Judge Martin Griffiths at Southwark Crown Court said the duo “conspired to drive a coach and horses through the regulatory system.” Operating between 2017 and 2019 under company names like CCX Capital and Astaria Group LLP, the pair defrauded victims of approximately $2.03 million (£1.5 million).
Both Bedi and Mavanga pleaded guilty to multiple charges, including fraud, money laundering, and possessing false identification documents. Mavanga also received a separate conviction for perverting the course of justice after he was found to have deleted phone recordings linked to the scheme.
Elliptic unveils key tools to help compliance teams combat $9.3B crypto scam surge
Scams have rapidly become one of the most lucrative forms of illicit activity in the crypto space. According to the FBI, US citizens lost a staggering $9.3 billion to cryptocurrency scams in 2024 alone. As these schemes grow increasingly sophisticated and industrialized, they present mounting challenges for VIRTUAL asset compliance teams working to safeguard users and uphold platform integrity.
Elliptic’s newly released report, “The State of Crypto Scams 2025,” offers a DEEP dive into the ever-changing landscape of crypto fraud. The report analyzes eleven increasingly prevalent scam typologies, equipping risk management and compliance professionals with vital insights to recognize and mitigate emerging threats.
Designed as a practical guide, the report highlights how Elliptic’s blockchain analytics solutions are uniquely positioned to assist in combating scams. Enhanced capabilities include cross-chain risk detection and the automated behavioral identification of scammer wallets—key tools for proactively disrupting fraudulent activity.
With these advancements, Elliptic enables compliance teams to significantly scale their efforts in detecting and responding to crypto scam risks, helping to stay one step ahead of cybercriminals in an increasingly complex threat environment.
KEY Difference Wire: the secret tool crypto projects use to get guaranteed media coverage
