Norway Indicts Four Individuals in $87 Million Crypto Ponzi Scheme

BlockBeats News, February 19th, according to Decrypt, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has charged four men on Monday for allegedly defrauding 963 million Norwegian Krone (about $86.5 million) through a fraudulent investment scheme between 2015 and 2018. The fraud syndicate attracted investors with cryptocurrencies such as OctaCoin, NanoCoin, Ormeus Coin, promising high returns but making no real investments.

The victims were from Sweden, Belgium, the Netherlands, and China, who invested their funds in projects named Crypto888 Club, Octa Partners, and Nano Club. These brands were actually part of the same Ponzi scheme, with Octa Partners rebranded as Nano Club after its collapse, then transformed into Crypto888, and finally renamed Nano Crowd, all to continue deceiving investors.