- $2.4B Ponzi scheme on 4,500 people worldwide - Arcaro gave up $24M in personal earnings - Arcaro gave up $57M in coin - Arcaro got 38 months in federal pri

- $2.4B Ponzi scheme on 4,500 people worldwide - Arcaro gave up $24M in personal earnings - Arcaro gave up $57M in coin - Arcaro got 38 months in federal prison - Founder of Ponzi scheme missing (along with lots of money?) Who's to say Arcaro doesn't have another $300M somewhere? Federal agents are so eager to turn cooperative witnesses that they make it clear there will be no real consequences when you are caught. They gain from convictions, but are not penalized for being too soft. As a result, it's open season for digital and financial fraud on retail investors and consumers, who can't otherwise incentivize federal agents. So: how exactly would one design the correct incentives for federal agents to protect retail investors (and consumers), and for people to avoid defrauding others, when computing and the internets permits actions at this scale for such low costs, and when investigations are so costly (particularly given opaque corporate structures and jurisdictional boundaries)?