$722 Million Bitcoin Biz Was a Giant Ponzi Scam, Leader Admits

[MRM]

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

[TomPluz]

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.

[highnayem34]

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.