RATE Group | Bitcoin: Alleged Bitconnect Pyramid Scheme Boss Arrested
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Bitcoin: Alleged Bitconnect Pyramid Scheme Boss Arrested

21 Aug Bitcoin: Alleged Bitconnect Pyramid Scheme Boss Arrested

Posted at 02:13h in Bitcoin News by

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Police arrested Divyesh Darji, an alleged leader of BitConnect—a sketchy, now-defunct Bitcoin trading operation blasted by critics as a Ponzi scheme—at Delhi airport on Saturday, according to local news reports. He had arrived on a flight from Dubai in the United Arab Emirates, where he was based.

The arrest comes seven months after BitConnect abruptly shut down its online cryptocurrency exchange following its receipt of cease and desist letters from financial regulators in Texas and, later, North Carolina. The states had accused the overseas company of breaching securities laws and ordered it to “halt fraudulent sales.”

BitConnect’s shuttering caused the market value of its proprietary tokens, BitConnect Coin, to nosedive from hundreds of dollars per token—nearing $3 billion in aggregate—to cents on the dollar. The opaque, dividend-promising organization is said to have bilked thousands of investors out of a…

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