PGI CEO pleads guilty for manipulating over $200 million Bitcoin scam

According to Wu, a U.S. prosecutor's announcement from the Eastern District of Virginia shows that Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), pleaded guilty for manipulating a more than $200 million Bitcoin Ponzi scheme. Crimes include telecommunications fraud and money laundering. Court documents show that Palafox has absorbed funds from more than 90,000 investors around the world through false publicity of Bitcoin transaction returns, with a total amount of more than US$201 million, of which at least 8,198 BTC were included. In the end, investors suffered a cumulative losses of at least $62.69 million. Palafox will be sentenced on February 3, 2026 and may face up to 40 years in prison.