A $300 million crypto scam shocks US & Mexico

FBI Accuses North Korea of $1.5 Billion Crypto Heist, Largest in History

A fraudulent cryptocurrency scheme run through the DeFi platform “Terablock” has devastated over 1,200 investors across Mexico and the United States, with losses exceeding $300 million.

Authorities report the scam, active from 2019 until mid-2021, lured victims with promises of high monthly returns (7-15%) on USDC stablecoin investments. Investors tracked supposed profits via mobile apps available on major app stores.

Operations stopped abruptly in August 2021 when Terablock cited a “technical shutdown.” Shortly after, the founders disappeared, locking investors out of their funds.

Following protests, Mexican police arrested Mónica “N” (identified in media as Mónica García) in La Paz, accusing her of involvement. Authorities are also pursuing Javier Elenes and associates in a joint US-Mexico investigation.

Victims described a classic Ponzi structure: returns paid using new investors’ money, recruited through existing members. Withdrawals were restricted to specific dates and burdened with high conversion fees.

While legal action advances, experts warn fund recovery could take years. Victims report catastrophic losses: “Some lost life savings, faced bankruptcy, mortgaged homes… the desperation even led to suicides,” one stated.

How to Avoid Crypto Scams:

Research Thoroughly: Check platform registrations, team backgrounds, and credible media mentions.

Beware High Guaranteed Returns: Crypto is volatile; fixed high returns are major red flags.

Ignore Pressure Tactics: Avoid “limited-time offers” or unsolicited tips, even from friends.

Secure Keys & Act Fast: Protect private keys. Suspect a scam? Stop transactions and gather evidence for authorities.

 

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