Idin Dalpur Arrested for $43 Million Cryptocurrency Pyramid Scheme
Idin Dalpur, a New York resident, has been arrested for orchestrating a massive cryptocurrency pyramid scheme that resulted in the theft of $43 million. According to prosecutors, Dalpur initiated his fraudulent activities in 2020 by enticing investors with promises of 42% annual returns on cryptocurrency investments.
Dalpur lured in investors by falsely assuring them of stable profits, only to misuse their funds by using new investors’ money to pay off previous participants. Additionally, he squandered a significant portion of the funds on personal expenditures.
As investors began demanding their money back, Dalpur resorted to fabrications about bank server breaches and payment processing challenges to stall for time and evade his obligations. However, his scheme ultimately unraveled, leading to his arrest and pending legal actions.
Prosecutors are pushing for severe repercussions against Dalpur for defrauding numerous individuals who relied on him for potential gains from cryptocurrency ventures. This case underscores the persistent threats within the cryptocurrency realm, highlighting the prevalence of financial pyramids that continue to victimize unsuspecting investors at their expense.
