Indian police launch probe into BitConnect founder wanted by US SEC
The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police. Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express […]
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi scheme
The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process. According to the Department of Justice (DOJ), a San Diego-based federal grand jury specifically charged Kumbhani for orchestrating the alleged Ponzi scheme via BitConnect’s “Lending Program”: “BitConnect operated […]
Appellate court decision allows Bitconnect class action to proceed
The 11th Circuit Court of Appeals has ruled that victims of the Bitconnect Ponzi scheme can proceed with a class action suit by reversing a previous ruling that prohibited such a case. Bitconnect is the endlessly memed ICO from 2017 that collapsed in January, 2018. Appellate courts are superior courts that are used to review […]
US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud
The United States Department of Justice is planning to sell $56 million worth of cryptocurrency seized in connection with its case against Ponzi scheme BitConnect. In a Nov. 16 announcement, the Justice Department said it would sell the seized crypto and hold the proceeds in U.S. dollars until it could use the funds to provide […]
Bitconnect promoter pleads guilty over Ponzi scheme, as platform faces new SEC charges
Former director and promoter of the notorious Bitconnect Ponzi scheme, Glenn Arcaro, has pled guilty to fraud charges related to his role in the now-defunct crypto exchange and lending platform He has been ordered to pay back $24 million to investors. In a parallel action in the long-running saga the United States Securities and Exchange […]