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Tax Investigators Identify Potential $1 Billion Crypto Ponzi Scheme

  • US, UK other officials identified more than 50 criminal leads
  • Investigation announcements could come as soon as this month

International tax officials have identified more than 50 leads to potential crypto tax crimes that may lead to official investigations in the coming weeks, including one case that could be a $1 billion Ponzi scheme.

Top criminal tax and financial crimes officials from the UK, US, Canada, Australia and the Netherlands, a group known as the J5, met in London this week to share intelligence and data to identify sources of cross-border illegal crypto activity. The officials specifically focused on emerging trends with decentralized finance and nonfungible tokens, or NFTs.