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Michael Faust’s “secret” Project Lantern Ponzi scam has failed.

Withdrawals have been halted owing to “substantial losses.”

The “Project Lantern Team” said in a back-office update on February 5th:

“We have lately witnessed a period of tremendous volatility in the financial and cryptocurrency markets.

Unfortunately, the recent strong, fast downward fluctuations in the crypto market have caused Project Lantern to experience considerable losses, resulting in a downward adjustment to the overall value of the trading component of the portfolio holdings.

Due to the losses, the best way to safeguard participants is to formally cease interest payments, commission payments (and) withdrawals until we recover the financial losses.

Over three months, when we will halt the operations mentioned above, we will also conduct a thorough evaluation of best possible strategies to regain losses.”

The “Project Lantern Team” is said to be Faust himself. Faust oversaw Project Lantern with the help of Chris Thomson and Azli Noor, although both appear to be nobodies.

Because Project Lantern was a basic Ponzi scheme managed by a serial Ponzi fraudster, the real reason it failed was a lack of visitors to its website.

There is nothing to steal if no new investment is made.

Faust, for one, appears to have moved on.

Faust ushered in 2022 by declaring that he was “letting go of people” and “going to cease having unpleasant talks.”

“Where is my money?” is a difficult question for a Ponzi schemer to answer. Ignoring folks who view you taking their money as an issue is a bit harsh.

Faust spent an unspecified sum on “hospital stays and surgery” during Q4 2021, which led to the demise of Project Lantern.

The number of Project Lantern victims and overall investment losses is unclear.

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