Norway Charges Four in $87M Crypto Ponzi Scheme

Norway's economic crime agency, Økokrim, has charged four individuals for their alleged role in a $87 million cryptocurrency Ponzi scheme that defrauded investors between 2015 and 2018. The scheme, which promised high returns through investments in cryptocurrencies like OctaCoin, NanoCoin, and Ormeus Coin, actually made no real investments and relied on new investor funds to pay off earlier investors.

The victims, totaling 963, were primarily from Sweden, Belgium, the Netherlands, and China. They invested in projects named Crypto888 Club, Octa Partners, and Nano Club, which were all part of the same Ponzi scheme. The operators rebranded the projects multiple times to continue deceiving investors, with Octa Partners transforming into Nano Club after its collapse, then into Crypto888, and finally into Nano Crowd.

The four individuals charged are accused of defrauding investors of approximately 963 million Norwegian Krone (about $86.5 million). The scheme was uncovered by Økokrim, which investigates and prosecutes economic and environmental crimes in Norway.

The charges come as part of a broader crackdown on cryptocurrency-related fraud and scams. As the cryptocurrency market continues to grow, so does the potential for fraudulent activities. Investors are urged to be cautious and thoroughly research any investment opportunities before committing their funds.