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The scheme ran from April 2014 to December 2019, when three of the BitClub leaders were arrested and charged with fraud and the sale of unregistered securities. BitClub purported to sell shares of nonexistent crypto mining pools to gullible investors, only to pay them back with money from newer investors,
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50-year-old Joseph Abel pleaded guilty to securities and tax related offenses. Source
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A 35-year-old Romanian programmer of the Bitclub Network pleaded guilty on Thursday to his role in establishing the mining pool Ponzi scheme that defrauded investors of hundreds of millions of dollars in bitcoin. DisclosureThe leader in blockchain news, CryptoX is a media outlet that strives for the highest journalistic standards and
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U.S. Attorney Craig Carpenito announced the arrests of four men who were accused of defrauding investors during an investigation of a crypto Ponzi scheme called the BitClub Network. The fraudulent scheme was based on a whopping $722 million cryptocurrency mining scam.Yes, you’ve been reading it right, seven hundred and twenty
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