RATE Group | Victims of cryptocurrency Ponzi scheme lose more than $700M
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Victims of cryptocurrency Ponzi scheme lose more than $700M

14 Dec Victims of cryptocurrency Ponzi scheme lose more than $700M

Posted at 05:10h in Cryptocurrency News by

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Cryptocurrency Ponzi scheme rakes in $700M

Jordan Bowen reports

TAMPA, Fla. – At least five people face federal charges for promising clients they would invest their money in cryptocurrency and falsely promising high returns.

Federal investigators say victims lost more than $720 million in the Ponzi scheme.

The feds say the operators of the BitClub Network promised big returns on dollars converted to bitcoin. According to the indictment, they duped people into joining what the BitClub Network website called “the most innovative and lucrative way to earn bitcoin.”

“People work hard for their money and these people stole almost a billion dollars,” cryptocurrency scheme victim Tom Mueller said.

Mueller lost more than $2,000. His friend, Russ Loomis lost about $8,000.

“I’ve got three kids and wife to feed and take care of and a mortgage payment like the average person does, but when you take that kind of a loss it can be really tough,” Loomis said.

The alleged scheme began back…

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