Ramil Ventura Palafox, the founder of Praetorian Group International (PGI), has been sentenced to 20 years in prison by a US judge for orchestrating a Bitcoin Ponzi scheme that defrauded over 90,000 investors of more than $201 million. Palafox, who is 61 years old and holds dual US and Filipino citizenship, was the Chairman and CEO of PGI, which he promoted as a leading Bitcoin trading firm.Palafox attracted investors by promising daily returns of 0.5% to 3%, but the company's Bitcoin trading volume was insufficient to support such high profits. Instead, PGI used new investor funds to pay returns to earlier participants, a classic Ponzi scheme tactic. The sentencing marks a significant legal action against fraudulent activities in the cryptocurrency sector.