New York seeks $1.37 billion over alleged crypto scheme

• New York Attorney General Letitia James is seeking more than US$1.3 billion from NovaTech founders Cynthia and Eddy Petion.
• Investors deposited about US$1.16 billion in cryptocurrency into NovaTech-linked wallets between August 2019 and May 2023.
• The filing seeks more than US$1.13 billion in NovaTech-related disgorgement, plus interest and additional monetary relief.

New York Attorney General Letitia James is seeking more than US$1.3 billion from NovaTech founders Cynthia and Eddy Petion over an alleged cryptocurrency investment scheme.

The state filed its lawsuit in June 2024, alleging NovaTech and AWS Mining defrauded hundreds of thousands of investors worldwide.

A court entered a default judgment against the defendants in August 2025 after they failed to respond to the complaint.

The filing seeks approximately US$1.13 billion in NovaTech-related disgorgement, alongside pre-judgment interest and other monetary relief.

New York’s calculations put the NovaTech-related total, including interest, at about US$1.37 billion, while separate claims against AWS Mining add roughly US$6.15 million.

The filing alleges NovaTech promised weekly returns of 2% to 4% and used investor deposits to fund payouts and recruitment bonuses.

Investigators calculated that investors deposited about US$1.16 billion in cryptocurrency into NovaTech-linked wallets between August 2019 and May 2023.

The case seeks financial relief for investors through damages, disgorgement and costs following the existing default judgment.