Three Crypto 888 Ponzi scammers have been convicted in Norway.
As
reported by DN
on March 6th, the conclusion of an eleven-week trial saw
Terje Hvidsten (63) sentenced to 11 years in prison and forfeiture of 11.1 million NKR (~$1.1 million USD), card and bank cards;
Dag Haetta Eriksen (54) was sentenced to 9 years in prison and forfeiture of 25.4 million NKR (~$2.6 million USD); and
Pal Andre Borsting Berntsen (53) was sentenced to 6 years in prison and forfeiture of 17.8 million NKR (~$1.8 million USD).
Hvidsten (right) and Eriksen are repeat offenders with prior fraud convictions. Sentences were also increased due to the court finding the scammers engaged in organized crime.
BehindMLM
reviewed Crypto 888 Club
in April 2015, correctly identifying it as an MLM crypto Ponzi.
The Norwegian court didn’t touch on Crypto 888 Club being a Ponzi scheme but did note it was a pyramid scheme.
The court writes in the judgment that the overall evidence shows that the business, which started as Crypto888, was a pure pyramid scheme, where the income came from paying members.
The judges believe that it is well documented through the evidence that the defendants had central roles in the business.
Terje Hvidsten played Aleksander Romanov, Crypto 888 Club’s fictional founder.
“Hvidsten and Eriksen were central to the start-up, and message logs, emails, etc., show that they were decision-makers for the business, had an overview of the cash flows, and decided to whom and how money should be transferred,” the verdict states.
Regarding Berntsen’s role, the court points out that he was subordinate to Hvidsten and Eriksen.
Defense attorneys for the Crypto 888 Club scammers argued prosecutors “didn’t understand cryptocurrency”. This argument was rejected by the court.
Norwegian authorities
charged four Crypto 888 Club scammers
back in February 2025. Petter Forsberg (71), a lawyer and “an unnamed man” are yet to face trial.
Forsberg, a lawyer who assisted with money laundering, fled Norway before criminal charges were laid. DN reports Forsberg is “wanted internationally”.
🤖 Quick Answer
What happened to the Crypto 888 Club scammers in Norway?Three individuals behind the Crypto 888 Club Ponzi scheme were convicted and sentenced in Norway following an eleven-week trial concluded in March. Terje Hvidsten received 11 years, Dag Haetta Eriksen received 9 years, and Pal Andre Borsting Berntsen received 6 years in prison, with combined forfeitures exceeding $5.5 million USD.
What was Crypto 888 Club?
Crypto 888 Club was a multilevel marketing cryptocurrency Ponzi scheme identified as fraudulent as early as April 2015 by BehindMLM. The scheme solicited investments under the guise of cryptocurrency returns, ultimately defrauding participants. Norwegian courts determined the operators engaged in organized criminal activity, resulting in enhanced sentencing.
**What penalties
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