They took in $1.16 billion, but only $26 million actually went into trading: even scammers might think NovaTech’s books are too blatant.
New York Attorney General Letitia James has asked a court to order NovaTech founders Cynthia and Eddy Petion to pay $1.37 billion.
Of that, $1.13 billion is to be returned to investors, and $232.5 million is interest.
From August 2019 to May 2023, investors deposited about $1.16 billion into NovaTech wallets, but only about $26 million was sent to broker B2Broker for trading—and those trades lost $18.2 million.
Meanwhile, at least $134.5 million in withdrawals went to wallets linked to the founders.
The couple have yet to appear in court after a default judgment in August 2025; prosecutors say they have left the country.
Four other promoters have agreed to pay nearly $6 million to compensate victims.
To me, the most gut-wrenching part of this case isn’t the amount—it’s the method: promises of “guaranteed” weekly returns of 2% to 4%, combined with prayer groups and WhatsApp recruitment, targeting people who are most inclined to believe in “steady” returns.
If high returns were really that reliable, would they need to recruit you in a group chat?
Sources: New York Attorney General’s Office court filing, Cointelegraph / The Block (reports dated 2026-10-23).
What do you believe: was this an “investment gone wrong,” or a scheme from the very beginning?
$BTC
#NovaTech #庞氏骗局 #Cryptocurrency
New York Attorney General Letitia James has asked a court to order NovaTech founders Cynthia and Eddy Petion to pay $1.37 billion.
Of that, $1.13 billion is to be returned to investors, and $232.5 million is interest.
From August 2019 to May 2023, investors deposited about $1.16 billion into NovaTech wallets, but only about $26 million was sent to broker B2Broker for trading—and those trades lost $18.2 million.
Meanwhile, at least $134.5 million in withdrawals went to wallets linked to the founders.
The couple have yet to appear in court after a default judgment in August 2025; prosecutors say they have left the country.
Four other promoters have agreed to pay nearly $6 million to compensate victims.
To me, the most gut-wrenching part of this case isn’t the amount—it’s the method: promises of “guaranteed” weekly returns of 2% to 4%, combined with prayer groups and WhatsApp recruitment, targeting people who are most inclined to believe in “steady” returns.
If high returns were really that reliable, would they need to recruit you in a group chat?
Sources: New York Attorney General’s Office court filing, Cointelegraph / The Block (reports dated 2026-10-23).
What do you believe: was this an “investment gone wrong,” or a scheme from the very beginning?
$BTC
#NovaTech #庞氏骗局 #Cryptocurrency