The Indian Economic Crimes Wing (EOW) has uncovered a crypto-related Ponzi scheme that exploited more than 200,000 individuals in various states in India.

According to a report by Asian News International (ANI), the Solar Techno Alliance has developed a digital asset on Binance Smart Chain (BSC) called STA Token. According to the report, STA Token acted as a Ponzi scheme where old investors were funded with income generated by new investors.

CoinMarketCap (CMC) data shows that STA was initially announced in September 2022 with a starting price of around $0.84. The asset rose to an all-time high (ATH) of $3.01 on April 3, 2023.

Moreover, CMC data shows that STA has a market capitalization of $0 at the time of writing. The coin is currently trading at $0.09 – down 97% from ATH.

The report reveals that the STA project has operated under the radar for a long time, with its founders constantly changing locations. Company executives have been arrested in different cities.

Per ANI, the pyramidal Ponzi scheme has raised more than 1,000 crore (10 billion) Indian rupees – worth over $120 million – from investors.

According to a July 13 report, hackers and fraudsters stole nearly $450 million in digital assets in the first half of 2023. Although the amount seems huge, it is still 77% less than the first half of 2022, according to For the Chainalysis report.