EXW Ponzi founder Benjamin Herzog was sentenced to five years in prison in October 2024.

Counting time served, Herzog only spent a few months in prison. In April 2025 Herzog was released under monitoring supervision.

Under this arrangement Herzog was able to work again, and reportedly had been at a warehouse up until a few weeks ago.

Earlier this month Herzog was arrested and presented before Klagenfurt Court.

Public Prosecutors allege that Herzog and several unnamed accomplices were behind the collapsed PrivaFund Ponzi scheme.

Through EXW, Herzog defrauded ~40,000 investors out of 25 million euros. Through PrivaFund, Herzog now stands accused of defrauding ~7500 investors out of 12 million euros.

PrivaFund was an MLM crypto Ponzi launched in 2021. The scam was a typical “trading ruse” Ponzi.

Instead of fronting PrivaFund himself, Herzog hid behind an actor playing fictional CEO Stephen H. Rowe.

News of the Austrian investigation into PrivaFund broke in November 2023. Herzog’s attorney has already filed an appeal against his PrivaFund criminal case.

Thus far, the only judicial update we have is the Graz Higher Regional Court ruling the PrivaFund case will not take place in Klagenfurt.

Separately, on September 18th, Kleine Zeitung reported Herzog’s supervised release was revoked for suspected recovery scamming.

The prison’s reasons for revoking his electronically monitored house arrest fit the image of the man he presented during the fraud trial: The Carinthian had set up his own website and offered his knowledge of cryptocurrencies, ostensibly to help victims of fraud. He also gave an interview to a magazine.

Pending further updates on proceedings, stay tuned.