The CEO of Praetorian Group International has been sentenced to 20 years in federal prison for orchestrating a $200 million Bitcoin Ponzi scheme, the Department of Justice announced.

The scheme allegedly promised investors guaranteed returns through cryptocurrency trading and mining operations that either didn't exist or generated far less revenue than represented.

Instead, investor funds were used to pay earlier investors in classic Ponzi fashion, while a portion was diverted for personal enrichment.

The case represents one of the longest sentences handed down in a cryptocurrency fraud prosecution and signals the DOJ's continued aggressive posture toward digital asset fraud.

Credit: IRS Criminal Investigation