BlockBeats News, February 13th, the U.S. Department of Justice officially released a landmark case, the CEO of Praetorian Group International was sentenced to 20 years in prison for a $200 million Bitcoin Ponzi scheme, convicted of wire fraud and money laundering for operating a Ponzi scheme defrauding over 90,000 investors worldwide.Ramil Ventura Palafox, 61, a dual citizen of the U.S. and the Philippines, operated Praetorian Group International (PGI) as Chairman and CEO. Palafox falsely claimed that PGI was engaged in Bitcoin trading, promising daily returns of 0.5% to 3%. However, PGI's Bitcoin trading volume was nowhere near enough to achieve the promised returns, making it actually a Ponzi scheme.From December 2019 to October 2021, at least 90,000 investors globally invested over $201 million in PGI, including at least $30.295289 million in fiat currency and at least 8,198 Bitcoins worth $171.498528 million. Due to Palafox's actions, investors suffered total losses of at least $62.692007 million.

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