The main culprit of the crypto Ponzi scheme pleads guilty: $400 million of funds were used for luxury homes, supercars, and luxury purchases

Comparing news, Christopher Alexander Delgado, a man from Florida in the US, pleaded guilty to multiple charges of telecom fraud and money laundering.

According to the prosecution, it carried out a Ponzi scheme through Goliath Ventures (formerly Gen-Z Venture Firm) in the name of a return on investment from a crypto liquidity pool, absorbing a total of about $400 million in investment capital, which actually caused a loss of about 250 million US dollars.

The relevant funds were used to purchase multiple million-dollar luxury homes, luxury cars such as Lamborghini and Rolls-Royce, and a large number of luxury goods and jewellery, as well as high-end party and travel expenses. It has now agreed to seize a number of assets, including real estate, vehicles and luxury goods.