The CEO of Praetorian Group International admits to the crimes of a Bitcoin Ponzi scheme

ChainCatcher News, the U.S. Attorney's Office for the Eastern District of Virginia announced that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), pleaded guilty to manipulating a Ponzi scheme involving over $200 million in Bitcoin, with charges including wire fraud and money laundering.

Court documents show that Palafox raised funds from over 90,000 investors worldwide by falsely promoting Bitcoin trading profits, totaling more than $201 million (including at least 8,198 BTC), ultimately resulting in a total loss of at least $62.69 million for investors. Palafox is scheduled to be sentenced on February 3, 2026, and could face up to 40 years in prison.