US authorities have seized the domain of suspected $150 million crypto Ponzi scheme BG Wealth Sharing. Onchain investigator ZachXBT stated the group attempted to launder over $92 million before a collaborative effort with exchanges and law enforcement froze more than $41 million. The scheme, operating since 2025, allegedly targeted unsophisticated investors via social media with promises of high daily yields.
Law enforcement has seized the domain of suspected crypto investment scheme BG Wealth Sharing. The group is alleged to have operated a Ponzi scheme responsible for losses exceeding $150 million.
Onchain investigator ZachXBT stated that illicit actors connected to the scheme tried to launder over $92 million in cryptocurrency between April 27 and Sunday. He worked alongside Tether, Binance, OKX, and US law enforcement in an initiative that froze more than $41 million.
The website now displays a seizure notice from US authorities. The action was part of a joint operation between Operation Level Up and the Scam Center Strike Force.
Several regulators had previously warned that BG Wealth Sharing was an unlicensed entity. The Central Bank of Samoa said in April it was an investment scam.
Before going offline, purported CEO Stephen Beard told users a 12% tax on account balances was required for a purported IPO. Users then warned on social media that the scheme was executing a final rug pull.
The Washington State Department of Financial Institutions issued a warning, stating it had received investor complaints. The regulator noted, “A company that requires an investor to deposit additional external funds in order to withdraw their investment is highly likely to be operating an advance fee scam.”
