I just read about this guy, Christopher Delgado, who ran Goliath Ventures and basically scammed investors out of $328 million. The crazy part is that he operated a classic Ponzi scheme from 2023 until recently, promising monthly crypto returns.

The mechanics were typical of these scams: he took money from new investors to pay previous ones, creating the illusion that everything was working. Meanwhile, he spent victims’ funds on luxury properties, Christmas parties, and expensive trips. He bought four houses with money he supposedly was investing in crypto protocols.

What surprises me is that he managed to raise $328 million using this Ponzi scheme. Apparently, he used luxury events and personal references to attract investors. Now he faces up to 30 years in prison. And he’s not the only one: recently, another CEO was convicted for a similar Ponzi scheme that defrauded 90,000 people of $200 million.

Honestly, these cases are brutal reminders of why you need to verify where your money is going. Too much easy money in crypto attracts these types.