A bubble is, in some ways, a self-organizing Ponzi scheme, in that the apparent growth has essentially nothing behind it but the inflow of new funds. Promoting

A bubble is, in some ways, a self-organizing Ponzi scheme, in that the apparent growth has essentially nothing behind it but the inflow of new funds. Promoting something you know to be a bubble may be morally equivalent to running a Ponzi scheme, but you have to make some specific and clear-cut misrepresentations for it to be a crime. I would not be completely surprised if it turns out that some ICOs crossed the line, though ordinary take-the-money-and-run fraud seems more likely.