According to CoinMeta, and as reported by Reuters, a man from Georgia, USA, identified as Edward Zimbardi, has been repatriated to the United States from Fiji on suspicion of operating a cryptocurrency Ponzi scheme. He faces 12 charges of telecommunications fraud, 12 charges of money laundering, and one charge of conspiracy to launder money. Prosecutors stated that Zimbardi promoted an encryption scheme to over 6,000 investors between June 2022 and August 2023, claiming that an investment of $550 would result in a guaranteed monthly return of 25%. Zimbardi did not purchase any advertising packages; instead, he used the funds for foreign exchange trading and incurred losses of tens of millions of dollars. At least $10 million was spent on personal expenses, and new investor funds were used to repay old investors. This scam caused investors to suffer losses of over $165 million.