The U.S. Federal Court in New York has sentenced Eddy Alexandre, the founder of the cryptocurrency and foreign exchange trading platform EminiFX. This individual ran a Ponzi scheme that defrauded tens of thousands of investors, totaling over $228 million, and must also pay $15 million in illegal profits.

The platform, which started in 2021, claimed that its "robo-advisor accounts" could provide weekly returns of 5% to 9.99%, but this was just nonsense, resulting in losses of at least $49 million. He also misappropriated at least $15 million for personal expenses, such as buying luxury cars and paying off credit cards. Previously, he pleaded guilty to criminal charges and was sentenced to 9 years, also having to pay $213 million. The court-appointed receiver has already begun distributing recovered funds to the victims.