The Justice Department has broken up a cryptocurrency fraud ring based in Maryland, Florida, and the United Arab Emirates (UAE) that allegedly cheated victims out of $1.89 billion. The defendants are charged with defrauding individuals Bitcoin photointo believing they would receive large profits from investments in the industry that produce bitcoin – a digital or “virtual currency” that, unlike regular money, is not supported by a central bank like the U.S. Federal Reserve.

Defendant Sam Lee, charged with conspiracy to commit fraud, is a resident of the UAE and known in Australia as “the crown prince of bitcoin,” according to the Guardian newspaper. Co-conspirator Rodney Burton (Miami) was also charged in the scheme and co-conspirator Brenda Chunga (Maryland) pleaded guilty to conspiracy to commit securities fraud and wire fraud.

A separate civil complaint by the U.S. Securities and Exchange Commission, charges Lee and Chunga with participating in a “global, crypto asset-related, multi-level marketing pyramid and Ponzi scheme that raised over $1.7 billion from victims worldwide, including millions from U.S. investors.”

“The level of alleged fraud here is staggering,” said U.S. Attorney Erek L. Barron for the District of Maryland. “Whether it’s cryptocurrency fraud, or any other financial frauds, if it sounds too good to be true, it probably is. This office and our law enforcement partners will hold perpetrators accountable for these and other fraud schemes.”