NovaTech targeted Haitian and immigrant communities worldwide using ads in Haitian Creole, social media, and WhatsApp prayer groups

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Investors deposited $1.16 billion in digital assets into NovaTech's wallet between August 2019 and May 2023, but NovaTech sent only $26 million to its trading provider B2Broker

Before launching NovaTech in 2019, the Petions promoted AWS Mining, a crypto mining scheme promising 15% to 20% monthly returns that collapsed in 2019

Argentina's fintech chamber raised concerns that the sudden February 2025 LIBRA cryptocurrency collapse could constitute a rug pull scam targeting crypto investors

NovaTech falsely advertised itself as a registered hedge fund broker licensed to trade crypto in the United States, promising returns of 2% to 4% weekly

NovaTech's traders lost approximately $18.2 million of the $26 million sent for trading, using incoming deposits from new investors to pay out weekly returns and recruitment bonuses

Cynthia Petion, the sole authorized user on NovaTech's investor account, authorized withdrawals of at least $134.5 million to wallets belonging to herself and Eddy Petion

More than 11,000 New Yorkers put money into NovaTech and AWS Mining before NovaTech collapsed in May 2023 and locked investors out of withdrawals

New York investors lost tens of millions of dollars after putting money into NovaTech and the Petions' AWS Mining scheme

On the launch day of PaperTrade, a trader executed $10 million to $20 million market orders on Hyperliquid to move Ethereum perpetual prices

The PaperTrade team stated that transferable PAPER tokens would enable attackers to profit by combining price manipulation with PAPER short positions

A trader exploited the correlation between Hyperliquid's order book and PaperTrade's price feed to profit from Ethereum short positions

FINMA warned investors that Bitcoin remains highly volatile and that capital invested in the ETF it approved on October 20, 2026, could lose a significant amount of its value

FINMA required firms selling the retail Bitcoin ETF it approved on October 20, 2026, to adhere to Swiss Financial Services Act (FinSA) conduct rules, including suitability checks and explicit warnings regarding price volatility

Sparkasse and DekaBank warned that cryptocurrencies are high-risk assets subject to extreme price volatility that can result in total loss of principal.

Cryptocurrencies held through DekaBank inside the Sparkasse banking app are not protected by Germany's statutory bank deposit insurance scheme.

Scammers targeting Brooklyn's Russian and Ukrainian immigrant communities allowed small initial withdrawals before charging high fees or ghosting victims who tried to cash out, according to Brooklyn's Virtual Currency Unit's investigation

Investigators in Ghana identified 89 suspected fraud victims whose reported losses totaled approximately $8.3 million during the October 2026 Ghana and Nigeria crypto fraud crackdown

Cryptocurrency investment fraud generated over $7.2 billion in reported United States losses during 2025, representing 72% of all investment scam reports according to the FBI.

Papertrade restricted PAPER token transfers to prevent potential perpetual attack risks and trading manipulation that could threaten protocol solvency

The Commodity Futures Trading Commission's proposed framework for retail crypto transactions mandates market surveillance, anti-manipulation rules, customer protection, and proof-of-reserves controls