The alleged Crypto Program Ponzi scheme is now at the center of a federal criminal case after a grand jury indicted Edward Zimbardi on charges alleging he defrauded thousands of investors out of $165 million in cryptocurrency between June 2022 and August 2023.
According to the U.S. Attorney’s Office for the Northern District of Georgia, Zimbardi allegedly created and promoted The Crypto Program as an opportunity to invest in online advertising packages with a guaranteed 25% monthly return, but prosecutors allege no legitimate advertising business ever existed.
If you invested in The Crypto Program and a licensed financial professional, broker, or adviser played any role in directing your investment, the cryptocurrency investment fraud attorneys at Meyer Wilson Werning are reviewing claims now. Please note that MWW cannot bring claims directly against The Crypto Program or Edward Zimbardi. Contact us today for a free and confidential consultation, and you pay nothing unless we recover for you.
How The Crypto Program Allegedly Worked and Where Investor Money Went
The Crypto Program marketed itself as a way for everyday investors to profit from online advertising revenue. According to the DOJ press release on the alleged $165 million cryptocurrency Ponzi scheme involving The Crypto Program, investors were told they could purchase so-called advertising “packages” starting at $550 and earn a guaranteed 25% monthly return. Zimbardi allegedly promoted himself as the “Master Affiliate” and recruited additional investors through promotional videos and online marketing.
Prosecutors allege that instead of purchasing advertising, Zimbardi directed investor cryptocurrency into digital wallets he controlled and used the funds for purposes unrelated to any advertising business. According to the indictment and media reports, the alleged misuse of investor money followed a familiar pattern:
- More than $34 million was allegedly wagered on speculative foreign currency trades, with substantial losses.
- At least $10 million allegedly went to personal expenses, including purchasing a house for his son, paying alimony, and other luxury spending.
- New investor deposits were allegedly recycled to pay purported returns to earlier participants, which is the defining mechanic of a Ponzi scheme.
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How The Crypto Program Collapsed and Led to Federal Charges
On July 8, 2026, a federal grand jury returned an indictment charging Zimbardi with 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy. He is presumed innocent unless and until proven guilty in court.
Before the federal charges, the California Department of Financial Protection and Innovation had already taken action. In 2023, the DFPI issued a desist and refrain order against Crypto Program and Edward Anthony Zimbardi, finding that they offered and sold unqualified securities in the form of investment contracts to California residents through general solicitations on the internet. The state order required Crypto Program to stop further offers or sales of those securities until it complied with California qualification requirements.
After The Crypto Program allegedly collapsed, media reports describe that Zimbardi fled the United States and traveled to Fiji, where he was detained by local authorities. He was subsequently deported to the United States, where he appeared before a federal magistrate judge in Los Angeles before the case proceeds in the Northern District of Georgia.
What This Means for Investors
The core of the alleged fraud was a promise no legitimate investment can keep: a guaranteed 25% monthly return. No investment program funded by a real business generates fixed returns at that level on a monthly basis.
When a program promises consistent above-market gains tied to a vague revenue source like online advertising, and channels investor funds into wallets with no external oversight, that combination alone is a significant warning sign. The California DFPI identified The Crypto Program’s offerings as unqualified securities in 2023, more than two years before the federal indictment. Investors who recognized the red flags early had a meaningfully different outcome than those who did not.
The criminal prosecution and any civil recovery options operate on separate tracks. A federal conviction or guilty plea does not automatically return money to investors. If you invested in The Crypto Program, practical steps include:
- Gathering all transaction records, including wallet addresses, deposit confirmations, and communications from the program
- Monitoring updates from the DOJ and the FBI victim portal at fbi.gov/thecryptoprogram for restitution or recovery proceedings
- Consulting with an investment fraud attorney to evaluate whether independent civil recovery options exist beyond the criminal case
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How Meyer Wilson Werning Can Help
Thousands of investors sent real money into wallets they could not monitor, were promised returns that no legitimate business could sustain, and were left with nothing when The Crypto Program collapsed. The operator allegedly fled to the South Pacific. The federal criminal case is moving forward. But a criminal prosecution does not automatically return money to investors, and the clock on civil recovery options does not wait for the criminal process to conclude.
With more than $350 million recovered for investors nationwide, Meyer Wilson Werning has spent over 25 years pursuing cryptocurrency fraud, Ponzi scheme losses, and the financial intermediaries who put clients in harm’s way. It is important to note that MWW cannot bring claims directly against The Crypto Program or Edward Zimbardi. However, if a licensed financial professional, broker, or adviser directed or recommended your investment in The Crypto Program or a similar scheme, we want to hear from you. Contact us today for a free and confidential consultation. You pay nothing unless we recover for you.
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Frequently Asked Questions
What is The Crypto Program Ponzi scheme?
According to the U.S. Attorney’s Office for the Northern District of Georgia, The Crypto Program is the name prosecutors give to an alleged $165 million cryptocurrency Ponzi scheme that Edward Zimbardi purportedly created and promoted between June 2022 and August 2023. Investors were told they were buying online advertising packages through crypto wallets that Zimbardi allegedly controlled, but prosecutors allege no legitimate advertising business existed.
How did The Crypto Program allegedly work?
Prosecutors allege that The Crypto Program was marketed through promotional videos and websites as an opportunity to buy advertising packages with a guaranteed 25% monthly return on a minimum $550 investment. Investors moved cryptocurrency into specific wallets, but according to the DOJ, Zimbardi allegedly used tens of millions of dollars for speculative foreign currency trading and personal expenses while recycling new investor money to pay earlier participants.
What charges does Edward Zimbardi face?
According to the federal indictment, Edward Zimbardi has been charged with 12 counts of wire fraud, 12 counts of money laundering, and one count of money laundering conspiracy arising from his alleged role in The Crypto Program. He is presumed innocent unless and until the government proves those charges beyond a reasonable doubt.
Did regulators take action before the federal charges?
Yes. In 2023, the California Department of Financial Protection and Innovation issued a desist and refrain order against Crypto Program and Edward Anthony Zimbardi. The order found that they offered and sold unqualified securities in the form of investment contracts to California residents through online solicitations, and it required them to stop further offers or sales until they complied with state qualification requirements.
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