One of the Largest AI Pyramids Collapses: Where Did DSJ/BG's $ 150M Go?

In early May 2026, the organizers of one of the largest crypto pyramids, DSJ Exchange (DSJEX) / BG Wealth Sharing, which had operated for over a year and amassed $ 150 million, attempted to withdraw all the stolen funds. Unfortunately for the scammers, they only managed to save a portion of the assets.

The BitOK editorial team investigated where the money went. We have gathered the main points in this new investigation.

DSJ Exchange (DSJEX) / BG Wealth Sharing was a successful crypto pyramid whose organizers managed to lure $ 150 million from the hands of unsuspecting investors during a year of operation.

Despite the project positioning itself as an innovative trading platform, a classic Ponzi scheme was hidden behind the beautiful facade, claiming thousands of retail investors worldwide as victims.

For clarity, let’s compare the scale of DSJ/BG with other high-profile crypto pyramids:

The pyramid organizers began attracting investors in 2025. Their Ponzi scheme consisted of two linked components:

The scammers lured users with unrealistic returns — from 1.3% to 2.6% per day. Safe investment instruments do not provide such profits. Fraudsters attract victims with the opportunity to get rich quickly. In such situations, greed and the thirst for gain often cloud the mind, and individuals agree to hand money directly to the perpetrators.

Another classic element of the system was the referral program. Its essence was for victims who had already brought money to the scammers to bring in new investors. As a reward, the pyramid organizers promised them a small percentage of the newcomers' investments. To enhance the effect, the system featured levels. The higher a participant’s rank, the more profit they could receive. To "advance in rank," as one might guess, it was required to attract as many people as possible to the project.

Screen from the trading platform where the scammers promised to give investors access to earnings on AI trading, as well as a screen of the affiliate system of the financial pyramid.

The main channel for recruiting victims and distributing false trading signals was a closed group in the Hong Kong messenger BonChat.

To avoid detection, the criminals constantly changed domains and "hot" wallet addresses.

Scammers learned a lesson long ago — a project must have a "face" — a certain character who, by their appearance, inspires investors to believe in success. In the age of AI, a virtual public figure can be created. This is exactly what the pyramid organizers did.

The project had a Fictitious CEO who acted as the "face" of the platform in video messages — a certain Stephen Beard.

Investigator’s note. The scheme was likely run not just by random individuals from Asia, but by a professional criminal group specializing in fraud and utilizing a network of agents worldwide.

During its operation, the organizers of DSJ Exchange (DSJEX) / BG Wealth Sharing received warnings from 13 regulators across five continents. These figures alone say a lot about the scale of the crypto pyramid.

The judgment day for the scammers was April 23, 2026. On this day, US law enforcement agencies seized one of the key domains — bgwealthsharing[.]com. This step marked the beginning of the end for the project.

Interesting! Warnings about the scam nature of the project began to appear online several months before its collapse.

When things got heated, the scammers tried to squeeze the last drop out of their victims. On May 2, 2026, Stephen Beard published a video claiming that the project was allegedly preparing for an IPO. A small obstacle to this step, according to him, was the need to "complete regulatory procedures."

The fake head of the project asked users to pay a 12% tax on their account balance. It is not hard to guess that at that point, fund withdrawals were already blocked.

Interesting! Warnings about the scam nature of the project began to appear online several months before its collapse.

Starting from April 27, the scammers began actively laundering the stolen funds. The active phase lasted until May 3.

During this period, more than $ 92 million was moved. To hide their tracks, the scammers used:

Key "hot" wallets of the scammers:

During the investigation, an outflow of over $93 million to deposit addresses of large platforms was recorded:

1. Cobo ($63 млн):

2. OKX ($ 30 млн):

Thanks to the joint efforts of independent researchers, security services of crypto exchanges Binance and OKX, the company Tether, and US law enforcement agencies, the transaction chain was successfully traced.

Using temporal analysis and matching Solana/Tron deposits on Binance with corresponding withdrawals in the Tron network, experts were able to identify the perpetrators' accounts.

As a result, on May 4, 2026, Tether froze $ 38.4 million. More than $ 3.1 million was additionally blocked on other exchanges and services.

In total, over $ 41.5 million has been frozen.

Investigator’s note. Usually, wallets are blocked one by one, but here a rare mass freeze occurred: 19 addresses on the TRON network were blocked simultaneously within a single block. This looks as if the police handed Tether a ready-made list of targets, and they pressed the emergency stop button for the entire group at once. Such synchronicity excludes coincidence and shows that law enforcement fully identified the scammers' network and covered them with one coordinated strike so that no one had time to transfer money to other accounts.

Movement of funds on wallets associated with the crypto pyramid DSJ Exchange (DSJEX) / BG Wealth Sharing. Preliminary on-chain analysis compiled using the Graph tool from BitOK.

Addresses with information on the amount of frozen scammer money:

DSJ Exchange (DSJEX) / BG Wealth Sharing was a giant pyramid that operated for over a year. When it became impossible to hide the collapse at the end of April, the scammers began withdrawing money in a panic. In just a few days, they tried to launder $ 92 million using complex transfer chains and bridges.

The total damage from the project is estimated at $ 150 million, but it could have been worse. Thanks to this teamwork by representatives of the crypto industry and law enforcement, the "emergency brake" was pressed, and $ 41.5 million was frozen in the criminals' accounts.

The pyramid participants disappeared, having made a final attempt to lure another 12% of their balances from people. Almost a third of the stolen funds was saved, but the scammers managed to hide the rest.
Since the losses are enormous and accounts have already begun to be blocked, the investigation will develop actively. The process will move in stages: first, problems will arise for those who promoted the project, for the owners of straw accounts, and for currency exchange points. Reaching the organizers themselves will only be possible if crypto exchanges and law enforcement agencies can successfully correlate all technical data: account owner information, IP addresses, devices used, and communication history. 

Most likely, they will eventually be caught, as the case will not be ignored due to the vast number of victims.