A classic Ponzi scheme: how DSJ Exchange raised $150 Million

In early May 2026, a large financial scheme disguised as a cryptocurrency investment platform shut down. Operating under the names DSJ Exchange (DSJEX) and BG Wealth Sharing, the project promised high returns but ultimately turned out to be a Ponzi scheme. GetBlock AML Research has uncovered details behind the collapse of yet another crypto-based financial fraud.

Estimates suggest the total amount raised exceeded $150 million. In just the final week before the shutdown, participants attempted to conceal more than $90 million by transferring funds across multiple blockchain networks to obscure the trail.

How the Scheme Worked

The project began actively attracting users in 2025. Investors were promised daily returns ranging from 1.3% to 2.6%—figures far beyond any legitimate investment opportunities.

The DSJ platform presented itself as a crypto trading venue where users could supposedly earn profits. BG Wealth Sharing was positioned as an investment group. In reality, both were part of the same fraudulent operation.

To build credibility, the organizers used a fictitious executive named Steven Bird. They also frequently changed websites and crypto wallets to make tracking more difficult.

New participants were recruited through the BonChat messaging app, where “trading signals” and promises of high profits were regularly posted.

Messages between participants of the scheme in BonChat

Regulators around the world issued warnings about the scheme—more than ten official alerts were recorded across multiple continents. On April 23, 2026, U.S. law enforcement blocked one of the websites linked to the project. However, the scheme continued to operate even after that.

Final Stage Before Collapse

On May 2, a person claiming to be the project’s leader released a video stating that the company was preparing to go public. At the same time, users were required to pay a “tax” equal to 12% of their account balance.

By that point, withdrawals had already been disabled, leaving users unable to recover their funds.

How the Funds Were Concealed

Following this, the organizers began actively moving funds through various cryptocurrency tools. In simple terms, the money was routed through numerous transactions and addresses to make tracking more difficult.

Between April 27 and May 3, more than $90 million was transferred. Some of the funds ultimately ended up on major cryptocurrency platforms.

What Was Recovered

Well-known blockchain investigator ZachXBT, working alongside crypto companies and law enforcement agencies, managed to trace the movement of funds.

As a result:

• Over $38 million was frozen by Tether
• Approximately $3 million more was blocked on other platforms
• Total frozen funds exceeded $41 million

This means a significant portion of the funds was intercepted before it could be fully laundered.

Flow of stolen funds. Visualization: ZachXBT & TRM Labs

Why People Keep Falling for It

Despite clear warning signs, such schemes continue to attract thousands of participants. The primary reason is their focus on inexperienced users who lack knowledge of investing and cryptocurrencies.

Promises of high returns combined with aggressive social media promotion make these projects especially dangerous. Even after the collapse, many participants initially refused to believe they had been scammed.

The true scale of the scheme may be significantly greater than $150 million, as it operated for over a year. This case demonstrates that even within complex digital ecosystems, it is possible to trace and partially recover stolen funds. However, the most effective protection remains caution and critical thinking.