Ramil Ventura Palafox, CEO of Praetorian Group International, has been sentenced to 20 years in prison for orchestrating a $200 million Bitcoin Ponzi scheme. The U.S. Department of Justice announced that Palafox, a dual U.S. and Filipino citizen, misled over 90,000 investors globally between December 2019 and October 2021, promising daily returns of 0.5% to 3% on Bitcoin trading. The scheme resulted in $62.69 million in losses, as the company lacked the capability to fulfill its promises, using funds from new investors to pay earlier ones. Palafox used the illicit proceeds to acquire luxury items and transfer money to his family. He was convicted by a federal jury in November.