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United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of the alleged crypto Ponzi scheme BitClub Network, per a Dec. 10 announcement from the Department of Justice.
The accusations against BitClub Network
According to the press release, BitClub Network promised massive rates of return in exchange for investments in a shared cryptocurrency mining pool. The parties at the center of the scheme then allegedly misappropriated over $722 million of those funds into their own lavish living rather than the promised mining pool.
Authorities further accuse the three men arrested of falsifying information on returns in order to solicit more investment as well as
The three accused are Matthew Goettsche and Jobadiah Weeks — both from Colorado — and Joseph Abel of California. Authorities are charging the first two with conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison, as well as conspiracy to offer and sell unregistered securities. Abel, who was apparently less central to the scheme, has only been charged with conspiracy to offer and sell unregistered securities, a charge that carries a maximum prison term of 5 years.
The press release mentions additional conspirators who have not been named or charged with crimes.
A suspicious history
This is not the first indication that BitClub may not be a fully above-board operation. Back in 2016, crypto news outlet 99Bitcoins warned against investing in BitClub, despite removing an earlier “scam” label from the company. The author, Ofir Beigel, explained:
“After gathering the facts I can’t prove that Bitclub network is a scam beyond a shadow of a doubt. I do however still think that Bitclub Network’s business model is lacking and wouldn’t invest in it personally.”
Back in March of 2017, Cointelegraph reported on accusations that BitClub had launched a malleability attack on the Bitcoin (BTC) network.
Ongoing legal action against OneCoin
Arguably the most famous crypto exit scam in history, the case of OneCoin has seen notable recent legal action. In November, a jury in Manhattan found an attorney guilty of laundering over $400 million on behalf of OneCoin’s famed founder Ruja Ignatova, also known as the Cryptoqueen. For his services, he was allegedly paid $50 million.
Ignatova’s location remains unknown. Only last week, OneCoin’s website finally went offline, having helped the scheme garner $4 billion. Source
StevieRay Hansen
Editor, Bankster Crime
MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM YOU…
The Birth Pains Are Growing Stronger….
“Unless God has raised you up for this very thing, you will be worn out by the opposition of man and devils”…
My name is Steve Meyers and I need to share a vision and warning that the Lord showed me back in April 2007….
Many of you will ask why I waited so long to share the warning. I didn’t. I shared the story with everyone that would listen from pastors to friends to family to colleagues. Immediately following the initial vision, I called a close friend. I told him to sit down that I had something to tell him. I needed it documented as I knew this was supernatural and from God. As I witness events unfolding today, I need to share the vision again.
The risk of loss in trading futures and options on futures can be substantial. The author does not guarantee the accuracy of the above information, although it is believed that the sources are reliable and the information accurate. The author assumes no liability or responsibility for direct or indirect, special, consequential or incidental damages or for any other damages relating or arising out of any action taken as a result of any information or advice contained in this commentary. The author disclaims any express or implied liability or responsibility for any action taken, which is solely at the liability and responsibility of the user. Steve Meyers,StevieRay Hansen
People’s hearts are troubled, their minds are in a state of confusion, the Bible tells us a time of great delusion that will come upon the people, that time has arrived, the politicians must come up with more significant and more believable lies in order to bring on the antichrist, we have entered the doorstep Tribulation.
“Unless God has raised you up for this very thing, you will be worn out by the opposition of man and devils”…
Source: HNewsWire Bankster ZeroHedge
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Tagged Under: #Fraud #Banks #Money #Corruption #Bankers,#Powerful Politicians, #Businessmen
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