Bitcoin Kingpin Charged with $200M Fraud

Federal prosecutors and regulators have charged Ramil Palafox, a dual citizen of the US and the Philippines, with orchestrating a $200 million cryptocurrency fraud scheme. Through his company, PGI Global, Palafox allegedly defrauded 90,000 investors between January 2020 and October 2021 by falsely promoting an AI-driven trading platform and his expertise in digital assets. Instead of deploying the funds as promised, he diverted millions to finance luxury cars, high-end watches, and real estate for himself and his family. The Securities and Exchange Commission’s complaint makes no mention of specific cryptocurrencies or exchanges, focusing instead on the brazen misappropriation of investor capital. The case underscores the persistent risks of unregulated crypto ventures, where flashy promises often mask outright theft.