$165 Million Crypto Scam Promoter Deported, Faces US Charges

Edward Zimbardi, promoter of the alleged $165 million cryptocurrency Ponzi scheme 'The Crypto Program', has been deported from Fiji to the US. He spent over a year on the run after being accused of scamming thousands of investors.

Zimbardi was scheduled to appear in federal court in Los Angeles on Monday to face 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. The government will seek his detention pending further proceedings.

Prosecutors allege that between June 2022 and August 2023, Zimbardi promoted the scheme through videos and websites offering advertising packages with a guaranteed 25% monthly return. Investors were directed to fund these packages by transferring crypto to wallets controlled by Zimbardi, resulting in over $165 million being sent.

However, it's claimed that Zimbardi didn't use these funds for advertising packages. Instead, he allegedly put more than $34 million into foreign currency bets, losing substantial amounts, and used money from later investors to pay earlier ones. He also spent at least $10 million on personal expenses, including a house for his son and luxury vehicles.