Texas man runs cryptocurrency "Ponzi scheme" and $12.5 million in debt bankruptcy exemption is rejected

Huobi HTX reported that the US bankruptcy court in the southern Texas recently rejected the bankruptcy waiver request of local resident Nathan Fuller, whose debts and future creditor claims must be fully borne. It is reported that Fuller once operated a cryptocurrency investment company Privvy Investments LLC, suspected of sucking funds with a "Ponzi scheme", using investor money to buy luxury goods, pay for gambling trips, and also purchased nearly $1 million in real estate for his ex-wife. In October 2024, after being sued by investors, Fuller filed for Chapter 7 bankruptcy protection in an attempt to exempt debts. The US Trustee Program (USTP) investigation found that Fuller concealed assets, forged documents, made false statements in the bankruptcy case, and was even defied of civil defiance for refusing to comply with court orders. He later admitted to operating a "Ponzi scheme" and interfering with bankruptcy proceedings. The court made absenteeism judgment in August this year and now formally dismisses its debt waiver request for formality due to Fuller's failure to respond to USTP charges.