It has been called the world's biggest ever cryptocurrency ponzi scheme. 

The scheme, allegedly the work of South African con artist Johannes Steynberg, is estimated to have scammed $2.6 billion from consumers worldwide. 

But it’s the details behind the figures that read like something out of a Netflix special. Like how the alleged conman escaped to South America, to be with his mistress, and evade authorities. And the angry investors who became citizen investigators, and helped the authorities to hunt down Steynberg.

Today, business reporter Sarah Danckert on what enabled this scheme to spread like wildfire, and the nearly 9,000 Australians who became caught up in it.

It has been called the world's biggest ever cryptocurrency ponzi scheme. 
The scheme, allegedly the work of South African con artist Johannes Steynberg, is estimated to have scammed $2.6 billion from consumers worldwide. 
But it’s the details behind the figures that read like something out of a Netflix special. Like how the alleged conman escaped to South America, to be with his mistress, and evade authorities. And the angry investors who became citizen investigators, and helped the authorities to hunt down Steynberg.
Today, business reporter Sarah Danckert on what enabled this scheme to spread like wildfire, and the nearly 9,000 Australians who became caught up in it.

The Morning Edition (formerly Please Explain) brings you the story behind the story with the best journalists in Australia. Join host Samantha Selinger-Morris from the newsrooms of The Sydney Morning Herald and The Age, weekdays from 5am.

The Morning Edition (formerly Please Explain) brings you the story behind the story with the best journalists in Australia. Join host Samantha Selinger-Morris from the newsrooms of The Sydney Morning Herald and The Age, weekdays from 5am.

The Morning Edition

The Morning Edition brings you the story behind the story with the best journalists in Australia. Join host Samantha Selinger-Morris from the newsrooms of The Sydney Morning Herald and The Age, weekdays from 5am.

The Morning Edition brings you the story behind the story with the best journalists in Australia. Join host Samantha Selinger-Morris from the newsrooms of The Sydney Morning Herald and The Age, weekdays from 5am.

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