Crypto 888 Club was a cryptocurrency MLM Ponzi scheme launched in March 2015, built around a fictitious cryptocurrency called 'OctaCoin.' The scheme was operated by Norwegian national Terje Hvidsten under the alias 'Aleksander Romanov,' with the domain originally registered in Malta. The company claimed to be based in Hong Kong.
The scheme collapsed and rebooted at least four times, cycling through names including Crypto 888 Club, Nano Club, and Nano Crowd. Each iteration followed the same pattern: collect Bitcoin deposits, pay early investors with new investor funds, collapse when recruitment slowed, then relaunch under a new brand.
Norwegian authorities laid criminal charges against four Crypto 888 Club operators following an investigation that began in 2016. Belgian police also arrested a national connected to the Nano Club iteration of the scheme. Total victim losses are estimated at 968 million Norwegian kroner (approximately $87 million USD), making it one of the largest cryptocurrency Ponzi schemes prosecuted in Scandinavia.
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