RATE Group | Three Men Are Charged in $722 Million Cryptocurrency Fraud (1)
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Three Men Are Charged in $722 Million Cryptocurrency Fraud (1)

10 Dec Three Men Are Charged in $722 Million Cryptocurrency Fraud (1)

Posted at 19:44h in Cryptocurrency News by

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Three men were charged with helping run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme,” U.S. Attorney Craig Carpenito in New Jersey said in a statement.

Prosecutors said that, from 2014 until this month, the defendants operated BitClub Network, which solicited money from investors in exchange for shares in purported cryptocurrency mining pools and rewarded them for recruiting new investors.

Matthew Brent Goettsche, 37, Jobadiah Sinclair Weeks, 38, and Joseph Frank Abel, 49, were arrested Tuesday and charged with conspiracy, according to Carpenito’s statement. Two more defendants, whose names weren’t disclosed, remain at large.

According to…

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