US authorities bring charges against AirBit Club Ponzi operators

[mlawson71]

US authorities charged the perpetrators behind the global crypto ponzi scheme AirBit Club with fraud and money laundering. That became clear from an announcement issued by the US Department of Justice. The defendants have allegedly scammed victims all over the world out of tens of millions of USD. They were arrested in Panama and will likely be extradited to the US.
According to information released by the authorities, AirBit Club solicited investors to subscribe to their investment packages by promising guaranteed daily returns from cryptocurrency mining and trading. The money they received was supposedly used for cryptocurrency mining equipment and for  affiliates. If members of the scam referred other people to AirBit Club, they got commissions. That is your typical Ponzi scheme, really.
Unsurprisingly, no crypto mining or trading ever took place. Funds invested by victims were used for the purchase of luxury goods, real estate and fancy presentations to lure in more victims of the scam.
Source
Cryptocurrency Ponzi scammers that tried to disappear in Panama, it doesn't get any more cliche than that.