Tether, Binance freeze $41.5M in funds linked to Ponzi scheme

On-chain analyst ZachXBT has reported the discovery of a Ponzi scheme involving the DSJ exchange and BG Wealth Share, with estimated damages exceeding $150 million. According to the analyst, approximately $93 million was laundered between April 27 and May 3. A coordinated effort between Tether, Binance, OKX, and U.S. regulators has resulted in the freezing of around $41.5 million in funds, with Tether alone freezing $38.4 million. The scheme is said to have been luring investors with promises of high returns since last year.