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Bitcoin: U.S. Justice Dept charges three men for alleged $722 fraud

Bitcoin: U.S. Justice Dept charges three men for alleged $722 fraud

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United States authorities arrested three men in an alleged fraud that raised $722 million from investors lured by fake bitcoin mining earnings, the Justice Department announced Tuesday.

Prosecutors described the scam as a “high-tech Ponzi scheme” run by the “BitClub Network,” which took money from investors and rewarded them for recruiting new shareholders.

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From April 2014 through December 2019 the group attracted unsuspecting investors using fraudulent earnings purported to come from the network’s mining pool, according to the statement.

Continue reading Bitcoin: U.S. Justice Dept charges three men for alleged $722 fraud at Vanguard News.

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