News
Indian authorities have seized nearly $190 million worth of crypto tied to the notorious BitConnect Ponzi scheme, which collapsed in 2018.
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Bitconnect News
Now defunct, Bitconnect operated as a platform that advertised significant profits in tandem with lending activities around Bitcoin and the Bitconnect coin, BCC.
A number of people advocated for the project through various channels, such as social media, receiving affiliate rewards. The project, however, closed in January 2018, taking off with many users’ funds. Bitconnect’s price dropped in value, from hundreds of dollars to nearly zero. During Bitconnect’s active time on the market, multiple regulatory authorities demanded the outfit halt its operation. The Bitconnect scam has been referred to as a Ponzi scheme, and a number of legal developments surfaced following the project’s demise.
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John Bigatton has been convicted for unlicensed financial advice, impacting the credibility of Australia’s financial sector.
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The Australian Securities and Exchange Commission claims that John Louis Anthony Bigatton promoted the crypto lending platform at four seminars and via two social media posts.
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The millions will be distributed among the select number of victims, but thousands more were impacted by the $2.4 billion fraudulent scheme.
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The Indian police launched an investigation into BitConnect co-founder Satish Kumbhani months after the U.S. SEC said he had relocated from India.
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BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion.
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A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations.
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The superior court has reversed a lower court’s decision, making it possible for a class action to proceed against the promoters of one of crypto’s most infamous scams.
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“This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date,” said the Justice Department.
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Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder, Satish Kumbhani, are unknown.
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Four of six U.S.-based promoters of the notorious BitConnect Ponzi scheme have reached settlement agreements with the SEC.
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The SEC says five individuals "promoted a global unregistered digital asset securities offering."
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The Australian is facing six charges that carry penalties of between 2-10 years in prison.
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John Bigatton has been barred from providing financial services in Australia for seven years for his involvement with the BitConnect Ponzi scheme.
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