On-chain detective ZachXBT has shared details of the massive crypto Ponzi 
scheme that took over $150 million from unsuspecting victims before collapsing 
last week. Related Reading: Bitcoin Targets $86,000 After Key EMA Reclaim: Is 
The Next Rally Here? The Mechanics Behind The $150M Crypto Ponzi In a series 
of X posts, ZachXBT unveiled the details of a Ponzi scheme that had been 
operating under the DSJ Exchange (DSJEX), a fake trading platform, and BG 
Wealth Sharing, a fraudulent investment scheme, since 2025. The scam involved 
a fake CEO named Stephen Beard, a self-proclaimed professor who represented 
the platform to the public. According to the Tuesday thread, DSJEX and BG 
Wealth advertised daily returns of 1.3%–2.6%, with referral commissions and 
rank-based bonuses. In addition, Beard pushed recruitment and fake trading 
signals through a group on Hong Kong messaging app BonChat. The Washington 
State Department of Financial Institutions (DFI) recently explained that 
investors used these trading signals on the DSJ exchange and were led to 
believe that the crypto investments were generating returns. BG Wealth and DSJ 
claimed to be licensed by the US Securities and Exchange Commission (SEC), but 
the DFI found that neither of the forms filed by these companies indicated 
that they were registered with the SEC. Thirteen regulators across five 
continents had issued public fraud warnings about the firms, including the 
UK’s Financial Conduct Authority (FCA), the Australian Securities and 
Investments Commission (ASIC), the Philippines’ SEC, and Washington’s DFI. On 
April 23, US law enforcement seized one of BG Wealth’s domains as part of a 
joint operation conducted by Operation Level Up and the Scam Center Strike 
Force. However, the scam continued to operate for roughly another week. Last 
Saturday, Beard posted a video affirming that DSJEX would soon go public and 
demanded a 12% “tax” on account balances as a prerequisite for the regulatory 
process. But the scammers had already disabled withdrawals by this point. 
Tether, Exchanges Freeze $41.5M After the US authorities’ involvement, the 
malicious actors laundered over $92 million in crypto assets across chains. 
ZachXBT noted that the scammers regularly rotated between domains and hot 
wallets to evade law enforcement. Between April 27 and May 3, the crypto funds 
were laundered through token swaps, bridging via Bridgers, Butter Network, and 
USDT0, wrapping and unwrapping USDD, and consolidation of transactions across 
hundreds of addresses. The crypto sleuth traced the millions in outflows 
through a timing analysis, located Solana/Tron deposits to Binance, and found 
matching Tron withdrawals. Then, he provided details to the relevant parties, 
including Tether, the Binance security team, OKX, and US law enforcement. As a 
result, Tether froze $38.4 million on May 4, while another $3.1 million was 
frozen at various crypto services and exchanges, bringing the total to $41.5 
million. Related Reading: Why is Crypto Up Today? Bitcoin Price Faces ‘Real 
Test’ At This Key Level Despite the significant recovery, the on-chain 
detective noted that the scam’s $150 million assessment is “likely 
significantly higher since the scheme has been operating since 2025, with 
thousands of victim exchange withdrawals identified.” Ultimately, he advised 
victims of DSJEX and BG Wealth’s scheme to file a police report in their 
jurisdiction to aid global investigations and potential restitution from 
laundered proceeds. Featured Image from Unsplash.com, Chart from 
TradingView.com

$150M Crypto Ponzi Crumbles: $41.5M Frozen In DSJ Exchange Collapse

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