Alleged Mastermind of $165 Million Crypto Ponzi Scheme Extradited From Fiji to Face US Charges

Edward Zimbardi, accused of orchestrating a $165 million cryptocurrency Ponzi scheme, has been deported from Fiji back to the United States to answer federal fraud and money laundering charges. Authorities in Fiji carried out the deportation on Friday in coordination with U.S. federal investigators, and Zimbardi was scheduled to appear before a magistrate judge in Los Angeles, with prosecutors requesting he be held in custody ahead of proceedings in Georgia.

Scheme Promised Guaranteed Monthly Returns

According to prosecutors, Zimbardi ran an operation called “The Crypto Program” between June 2022 and August 2023, marketing it as an advertising-package investment that promised guaranteed returns of 25% per month. Thousands of investors reportedly sent more than $165 million in crypto to wallets that were secretly under his control.

Funds Allegedly Diverted to Risky Trades and Personal Spending

Rather than purchasing the advertising packages promised to investors, Zimbardi allegedly funneled over $34 million into risky foreign currency trading, used money from newer investors to pay off earlier ones, and spent at least $10 million on personal expenses, including a house, luxury vehicles, and alimony payments.

Charges and Flight to Fiji

Zimbardi was formally indicted on July 8 on 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. Prosecutors say he fled to Fiji after learning he was under FBI investigation and remained there for more than a year before his deportation.