Alleged $165M Crypto Ponzi Mastermind Extradited From Fiji — SkimNews
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- Edward Zimbardi was deported from Fiji on Friday in coordination with the FBI and State Department, with the US Attorney's Office for the Northern District of Georgia announcing his return on Monday.
- Zimbardi promoted 'The Crypto Program' from June 2022 to August 2023, advertising a guaranteed 25% monthly return that drew over $165 million in crypto from thousands of investors to wallets he secretly controlled.
- Prosecutors allege Zimbardi placed more than $34 million in risky foreign currency trades rather than purchasing the promised advertising packages, while using newer investments to pay earlier backers in classic Ponzi fashion.
- Zimbardi allegedly spent at least $10 million personally on a house, luxury vehicles, and alimony.
- Zimbardi was indicted July 8 on 12 counts of wire fraud, 12 counts of money laundering, and one money laundering conspiracy count, and prosecutors are seeking his detention pending proceedings in Georgia.
- Zimbardi allegedly fled to Fiji after learning of the FBI investigation and remained there for more than a year before his deportation.
Why it matters: The case underscores the cross-border reach of crypto fraud enforcement: FBI and State Department coordination with Fiji brought back a fugitive accused of swindling thousands of investors out of $165 million, with prosecutors now seeking detention to ensure he faces the 25-count federal indictment in Georgia.
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