Eminifx founder pays $228 million in ruling on Ponzi scheme

A federal judge in New York ordered Eddy Alexandre, founder of the collapsed crypto platform Eminifx, to pay more than $228 million in reparations after determining that the company was a Ponzi scheme that had scam tens of thousands of investors.

The US Commodity Futures Trade Commission (CFTC) has secured summary judgment against Alexandre and Eminifes, and US District Judge Valerie Caproni jointly holds responsibility for over $228 million in compensation and an additional $15 million in disgust, according to a court application Tuesday.

“Defendants Alexandre and Eminifx are jointly and strictly responsible for paying compensation totaling $228,576,962,” the court ruled. “Defendant Alexandre is liable to pay the $15,049,500 abandonment.”

The sentence comes more than three years after Alexander was first indicted and more than a year after he pleaded guilty to a parallel criminal case.

A snapshot of the case’s ruling. Source: CourtListener

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Eminifx raised $262 million in fake robotrade claims

Eminifx was launched in 2021 and quickly attracted over 25,000 investors, raising over $262 million in just eight months. The company has promised weekly returns of 5% to 9.99% through its so-called “robo-advisor assist accounts,” which are allegedly deployed automated trading strategies in Crypto and forex markets.

The reality is that the court’s application shows that the platform maintained a net loss of at least $49 million and did not deploy the technology it advertised.

According to investigators, Alexandre siphoned at least $15 million for personal use and funded credit card bills, luxury cars and cash withdrawals. Meanwhile, investors’ withdrawals were paid using mixed funds from new participants.

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The court has been in nine years since the founder of Eminifx

Alexander’s downfall began in May 2022 when the prosecutors and the CFTC submitted parallel actions. In the criminal case, he admitted to product fraud and was sentenced to nine years in prison with an order of $213 million.

The civil suit is now concluded on Caproni’s order, and according to the court’s ruling, the payment of compensation “sets off his disgusting duties,” but in parallel adds compensation and disgusting duties.

Court-appointed recipients, which have been overseeing the recovery and distribution of assets since 2022, began paying victims the funds recovered earlier this year after the distribution plan was approved in January.

According to Certik, in the first half of 2025, losses from crypto hacks, fraud and exploits reached $2.47 billion. In the second quarter, 144 incidents lost $800 million, 52% less value compared to Q1, and 59 hacks were lost, but the total so far has already increased by nearly 3% since 2024.

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