Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: MRM on September 04, 2020, 07:31:05 PM

Title: $722 Million Bitcoin Biz Was a Giant Ponzi Scam, Leader Admits
Post by: MRM on September 04, 2020, 07:31:05 PM

The Californian man faces up to five years in prison. 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

Title: Re: $722 Million Bitcoin Biz Was a Giant Ponzi Scam, Leader Admits
Post by: TomPluz on September 05, 2020, 06:18:24 AM

Urgg! This was so famous maybe in 2017-2018 and back then I was invited many times to this mining network opportunity. This is the very reason why many people are so careful to any mining system opportunity. BitClub showed many proofs that were so real and that mining really took place. However, many also doubt it back then because there are many red flags of being just a ponzi.

Title: Re: $722 Million Bitcoin Biz Was a Giant Ponzi Scam, Leader Admits
Post by: highnayem34 on September 08, 2020, 02:00:12 PM

Abel’s charges carry a maximum of five years in prison and a fine of either $250,000 or twice the profits lost by his victims. He is due to be sentenced in January 2021.