The Californian man faces up to five years in prison. A leader of a Bitcoin Ponzi scheme that took in $722 million has pleaded guilty in front of a New Jersey court.
Joseph Frank Abel, 50, of Camarillo, California, said that he admitted to conspiring to offer and sell cryptocurrencies as part of the BitClub Network, a crypto mining Ponzi scheme worth at least $722 million, US Attorney Craig Carpenito announced yesterday.
Source:
https://decrypt.co/40888/722-million-bitcoin-ponzi-scam-founder-admits