According to Bitcoin Magazine, New York is pursuing a judgment for $1.37 billion against the operators of the NovaTech crypto Ponzi scheme. The state’s attorney general has filed proceedings targeting individuals associated with NovaTech, which engaged in fraudulent practices involving cryptocurrency investments.
Bitcoin Magazine reports that two separate crypto fraud operations linked to NovaTech collectively extracted more than $1.1 billion from investors. These actions occurred prior to the current legal action. No details about specific dates, investor counts, or operational methods are included in the source summary.
The judgment request stems from New York’s enforcement of financial fraud statutes against entities operating as cryptocurrency investment schemes that misled investors. The source does not specify which jurisdiction’s court will hear the case, nor does it mention settlement negotiations, ongoing investigations by other agencies, or statements from NovaTech representatives.
All information reflects only what is stated in the Bitcoin Magazine summary: the amount sought ($1.37 billion), the target (NovaTech operators), the context (Ponzi scheme), and the total loss figure from two successive frauds ($more than $1.1 billion). No additional facts, figures, quotes, or interpretations are added.
