Promoters have spent two decades convincing people to buy Iraqi dinar, promising that a small purchase would turn into a fortune. Courts, regulators and Iraq’s own central bank tell a different story.
Case record
ConvictedSterling Currency Group
$600 million
in revenue from selling dinar and other currencies, 2010–2015
Prosecutors showed the company paid third parties who spread false information about the dinar on conference calls and internet chat rooms.
Read the full case record →Wanting a better future for your family isn’t foolish. Many good, careful people have lost hard-earned money to the dinar pitch. This site is here to help, not to judge. Everything on it is sourced, so you can check it for yourself.
The Iraqi dinar scam is a long-running investment fraud built on the claim that Iraq’s currency is secretly about to be revalued, making early holders rich overnight. It started in the early 2000s when dinar sellers pitched the currency to American retail buyers as an undervalued asset. That story has never held up, but it keeps getting recycled with new dates and new faces.
Because the waiting itself is a business.
Views and attention. Every stream that ends with “next week” brings viewers back for the next one. A loyal audience can mean ad revenue, live-chat donations and sponsorships.
Memberships and donations. Paid “premium” access to private notes and calls, plus donation buttons, from an audience told that insider news is coming.
Products. Supplements, gold, survival food and other products pitched to the same trusting audience.
Selling currency. The most direct conflict of all. Some promoters sell dinar and other currencies themselves or through partner dealers, often at prices far above what the currency is worth. In the largest dinar fraud case on record, a dealer secretly paid promoters to hype the RV.
None of this depends on the RV ever happening. It only depends on you believing it will.
Most dinar promotion comes down to a handful of claims. Here’s each one, next to what actually happened.
“The dinar will revalue to $3.22.”
At today’s official rate, that’s an increase of about 490,000%. No currency on record has ever risen anywhere near that much.
Why it can’t happen
“Lifting the three zeros will make holders rich.”
Removing zeros turns 1,000,000 dinar into 1,000 new dinar worth exactly the same; prices change the same way. Mexico, Brazil, Poland, Russia, Turkey, Romania, Ghana, Venezuela, Zimbabwe, Belarus and Sierra Leone have all done it, and it never increased what existing notes could buy. Iraq’s central bank says it has printed no new notes and set no timetable.
“It’s happening next week.”
Promoters have said that since 2003. Every date has passed without a revaluation.
“Insiders have confirmed it.”
The insiders are never named, and none of their dates has come true. Iraq’s central bank announces rate decisions publicly; its latest, on October 7, 2026, made the dinar weaker. Read the statement
“The new exchange rate is good news.”
On October 7, 2026, Iraq made every dinar about 13% less valuable: a devaluation, the opposite of a revaluation.
“Kuwait’s dinar did it, so Iraq’s will.”
Kuwait restored an already-strong currency after a seven-month occupation. It was never worth a fraction of a cent, and no one got rich from it.
“You’ll be able to cash out at your bank.”
Major US banks generally don’t buy dinar. Dealers typically pay about 30% below its value, and in one fraud case, a major dealer was convicted after falsely promising easy cash-outs.
Federal prosecutors have brought criminal cases against dinar sellers and promoters. The largest involved a dealer that sold more than $600 million in currency.
Why this matters: Sellers profit whether or not the RV happens. Forum and call promoters may be paid by the sellers. If someone promoting the RV also sells currency or links to a dealer, ask who benefits.
Sources: Justice Department, FBI, 11th Circuit opinion, Atlanta Journal-Constitution.
N.D. Ohio
ConvictedSold dinar and shares in two hedge funds that did not exist, using false claims about U.S. Treasury involvement. Investors lost about $24.5 million. Three defendants were convicted at trial in 2014 and a fourth pleaded guilty; sentences reached 87 months. The 6th Circuit upheld the convictions in 2016.
Sources: Justice Department, 6th Circuit opinion
M.D. Alabama
Pleaded guiltyAn online dinar seller took layaway payments while falsely claiming to hold the currency in reserve. The owner pleaded guilty to wire fraud in 2016 and was sentenced to a year in federal prison; an associate pleaded guilty to a misdemeanor. The CFTC separately won a $22.6 million judgment in 2020.
Sources: Justice Department, CFTC
S.D. New York
Pleaded guiltyTook about $2 million from more than 150 investors, many of them military veterans, on the claim that the money would be used to trade dinar. Earlier investors were paid with newer investors’ money. Pleaded guilty to wire fraud in 2019.
Sources: Justice Department
D. South Dakota
Pleaded guiltyA dinar seller split shipments of dinar from Jordan to stay under the $10,000 federal reporting threshold. Pleaded guilty to structuring in 2013.
Sources: Justice Department
Government agencies have warned about dinar schemes, and taken action against dinar sellers, for nearly two decades.
Know of an official warning or action we missed? Email hello@dinarfacts.com with a link to the source.
Iraq’s central bank, a convicted dinar dealer, regulators and two decades of news coverage all tell the same story: the dinar has never come close to the value promoters promise.
“In light of current economic and financial conditions … the Central Bank of Iraq has decided to adjust the exchange rate of the Iraqi dinar against the US dollar, this decision aims to meet the financial requirements of the state’s general budget.”
“The dinar … has been a common avenue for scammers for at least the past decade.”
U.S. Treasury officials said the U.S. government was “not preparing for an Iraqi dinar revaluation,” and that any information to the contrary was false.
“Mythology.”
“The Iraqi dinar ‘investment opportunity’ is a scam that has existed for more than a decade.”
“No such a thing as a ‘Global Currency Reset’ exists. The IMF has no role in managing the Iraqi dinar or Iraq’s exchange rate system. … Decisions on the exchange rate are taken by the country authorities in full independence and sovereignty.”
“We are unaware of any plans by the Iraqi government to revalue the Iraqi Dinar. Iraq is a sovereign nation and the U.S. government plays no role in determining Iraq’s foreign exchange policies.”
“The rapid appreciation of any currency’s value is extremely rare (the opposite is much more likely), meaning investors should consider this a long-term gamble not a short-term guarantee.”
“Deleting zeros … had nothing to do with the price and exchange rate.”
“[W]e do not trade Iraqi dinar and we have no plans to change this policy in the future. … We disagree with the view that holding Iraqi dinar banknotes is a sound investment strategy.”
“[T]he U.S. Department of the Treasury does not hold any Iraqi dinar for investment purposes and holds only a nominal amount for use in daily operations.”
Almost certainly not. Dealers charge well above what dinar is worth when you buy, and pay well below it when you sell back. Enter an amount to see what that means for your money.
Already hold dinar? Enter what you paid per million.
Practical steps, and where to report it if you think you were misled.
Before you report, gather what you have: receipts, dates and amounts paid, the seller’s name and website, and screenshots of any promises made.
Beware of “recovery” offers. Scammers often contact past victims promising to get their money back, or to cash out their dinar at a special rate, for an upfront fee. The FTC says government agencies never charge to help you get money back. FTC: refund and recovery scams
Each page records a promoter’s public predictions, with dates, what happened, and publicly listed business ties. It’s a record, not a judgment of anyone’s intentions. How we choose promoters and stay fair ↓
KTFA (“Keep The Faith Always”). Forum since 2008; 1,700+ YouTube livestreams. The promoter’s site sells five currencies, some at prices up to about 121% above what typical dealers charge, plus more than 15 other products and services.
These pages record what promoters have said in public, with dates, and what happened afterward, checked against official sources. We don’t claim to know anyone’s intentions, and we don’t accuse anyone of a crime. When we use the word “scam,” we mean the RV investment pitch, which regulators have warned about for years, not any individual. Business details come from the promoters’ own websites. We correct errors when shown a source, and promoters may submit a response for publication.
No. It is the opposite. On October 7, 2026, Iraq devalued the dinar: the official rate moved from about 1,300 to 1,500 dinars per dollar (1,510 to banks, 1,520 to the public). Each dinar is now worth less, about $0.00066 instead of $0.00077.
A revaluation would have moved the number the other way. Promoters may call this “the new exchange rate,” and it is one, but it made the dinar weaker, not stronger. One million dinars lost roughly $100 in value overnight.
No. Since the new dinar was issued in 2003–04, its official value has never reached a tenth of a cent. Its biggest rise, in February 2023, was about 13%. Its latest move, on October 7, 2026, made it about 13% weaker. The $3.22 promoters cite is about 4,860 times what a dinar is worth today.
The math alone rules it out: about 111 trillion dinars in issue at the promised $3.22 would be roughly $358 trillion — about three times world GDP, and more than 3,000 times Iraq’s ~$97 billion in foreign reserves. See the facts and official quotes.
Yes. At least 14 government agencies have issued warnings about dinar schemes or acted against dinar sellers since 2005. They include state regulators in Alabama, Alaska, Arkansas, California, Idaho, Texas, Utah and Washington, Quebec’s financial regulator, and four federal agencies: the Justice Department, FBI, SEC and CFTC.
Federal prosecutors have also won convictions or guilty pleas in five dinar cases, including one against a dealer that sold more than $600 million in currency. See official warnings and actions and prosecutions.
No — and the Kuwait example shows the opposite of what promoters claim.
When Iraq invaded Kuwait in 1990, it abolished the Kuwaiti dinar and looted notes. After liberation in 1991, Kuwait restored its currency at the pre-invasion ~$3.47 and voided the stolen notes. It was never a near-worthless currency that suddenly shot up; it was already one of the world’s strongest, out for seven months, then restored. Nobody got rich buying cheap Kuwaiti notes.
Iraq’s dinar is different: it lost value over decades of war, sanctions and inflation, with more than 100 trillion in circulation today.
Yes, often sold alongside the dinar. The Vietnamese dong is the most common; Quebec regulators and a Florida sheriff’s office have warned about it, and Vietnam’s central bank called revaluation rumors false. Indonesia’s planned zero removal, like Iraq’s, would not change purchasing power. If any currency is sold as an investment about to “RV”, treat it like the dinar.
Yes. In 2018 a federal jury in Atlanta convicted Sterling Currency Group’s owners and COO of fraud for false revaluation claims (up to 15 years). Appeals upheld in 2024; Supreme Court declined review in 2025. Full record in the fraud case section.
No one can give a real date. Promoters have said “soon” since 2003 — 23 years of missed dates. If it were imminent, you’d hear it from Iraq’s central bank and major financial news, not first from a YouTube stream.
No. Officials say 1,000 old dinars become 1 new dinar, with prices adjusted the same way — no change in purchasing power. One million dinars (~$662 today) would still be worth about $662 as 1,000 new dinars.
That was Iraq’s official rate before the 1990 Gulf War. After war, sanctions and conflict, Iraq replaced its currency and the value collapsed. Notes sold to Americans today are those newer ones — a tiny fraction of a cent each. See promoter claims vs. reality.
Major US banks generally don’t buy it. Dealers who do typically pay well below what they charge — one estimate: sell at a 25–30% premium, buy back around 30% under the official rate. Before buying more, ask what they’d pay to buy it back today.
Report it to the FBI’s Internet Crime Complaint Center (ic3.gov), the Federal Trade Commission (ReportFraud.ftc.gov) and your state securities regulator or attorney general. If you are 60 or older, the National Elder Fraud Hotline (833-372-8311) can help you file. Never pay anyone who promises to recover your money for a fee. See where to get help.
Write down their specific predictions and dates, then check what happened. Watch for unnamed insiders, moving deadlines, “just my opinion” disclaimers, and anyone selling currency or products to the same audience. Compare claims with the Central Bank of Iraq. Our promoter pages and red flags do this for you.
Don’t mock them. Share one specific prediction and its outcome, then ask: “How many ‘next weeks’ have there been?” Help them check the official rate, and encourage them not to buy more.
They cite Iraq’s oil reserves and currency strength claims, but those don’t hold up: Iraq’s dinar was fixed near 1,310 for years and devalued to 1,510 (the rate to banks) on October 7, 2026, and oil revenue doesn’t automatically revalue a currency.