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Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: MRM on September 05, 2020, 06:26:23 PM

Title: $722 Million Bitcoin Biz Was a Giant Ponzi Scam, Leader Admits
Post by: MRM on September 05, 2020, 06:26:23 PM

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