New York Attorney General Letitia James has asked a court to make the founders of NovaTech pay $1.37 billion. NovaTech was a crypto and forex trading platform that no longer operates. The founders are Cynthia and Eddy Petion, and the request also covers companies tied to them. The attorney general's office says NovaTech was run as a Ponzi scheme.
This request comes after a default judgment entered in August 2025. In the same announcement, the attorney general's office said it had reached settlements with four people who promoted NovaTech. Together those settlements come to nearly $6 million.
Cointelegraph reported the request on Oct 23, 2026. The court has not yet ruled on whether the Petions and their companies must pay the $1.37 billion. The report does not say how any money collected would be shared out.
For anyone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, this case changes nothing directly. NovaTech is a closed platform and is not one of these exchanges, and the report does not connect the case to any of them. Nothing in it touches funding rates, trading fees or liquidity on those venues.
Source: cointelegraph — New York AG seeks $1.37B from NovaTech founders over Ponzi scheme