Ramil Ventura Palafox, CEO of Praetorian Group International (PGI), has admitted to running a Bitcoin Ponzi scheme that defrauded investors of over $201 million. The U.S. Attorney's Office for the Eastern District of Virginia charged Palafox with wire fraud and money laundering. Court documents indicate that Palafox misled more than 90,000 investors globally by promising false Bitcoin trading profits, leading to a total investor loss of at least $62.69 million. Palafox is set to be sentenced on February 3, 2026, and faces a potential prison term of up to 40 years. The case highlights the ongoing risks associated with fraudulent schemes in the cryptocurrency sector.