A recent press release from the U.S. Department of Justice announced fraud and money laundering charges "in two separate Indictments against the founders and promoters of two cryptocurrency Ponzi schemes known as IcomTech and Forcount (and later known as Weltsys)." According to the press release, "IcomTech and Forcount were both purported cryptocurrency mining and trading companies that promised to earn their respective victim-investors ... profits in exchange for their purchase of purported cryptocurrency-related investment products," but in reality, "both schemes were using [v]ictim funds to pay other [v]ictims, to further promote the schemes, and to enrich themselves." According to the press release, "IcomTech and Forcount's promoters siphoned off, in some cases, hundreds of thousands of dollars in [v]ictim funds, which they withdrew as cash, spent on promotional expenses for the schemes, and used for personal expenditures such as luxury goods and real estate."
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