The Federal Bureau of Investigation (FBI) has accused a Portland man of running a Ponzi-like cryptocurrency scheme. The man, who has not been named, is accused of defrauding investors out of millions of dollars by promising them high returns on their investments in a cryptocurrency called “My Big Coin”.
According to the FBI, the man claimed that My Big Coin was backed by gold and had a value of over $6 billion. He allegedly used this false claim to persuade investors to put their money into the cryptocurrency, promising them returns of up to 36% per year.
However, the FBI claims that the man was actually using the money invested in My Big Coin to fund his own lavish lifestyle, including the purchase of a $1.8 million mansion and a $160,000 sports car. The man is also accused of using some of the money to pay off earlier investors, in a manner similar to a Ponzi scheme.
The FBI is now seeking to recover the money lost by investors in the alleged scheme. It is important for investors to do their due diligence and be cautious of any offers of high returns with little risk.