Glenn Arcaro, ordered to pay restitution, was top U.S. promoter of BitConnect; he's set to serve 3 years in prison for his role in $2.4 billion Ponzi scheme
Federal regulators have accused a group of people of promoting a securities offering tied to digital currency that raised over $2 billion from retail investors without being properly registered
Arcaro and his co-conspirators claimed BitConnect used a proprietary technology — known as the “BitConnect Trading Bot” and “Volatility Software” — that was able to generate huge profits by using investors’ money to trade on the volatility of cryptocurrency exchange markets.
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CRYPTO CROOKS: BitConnect Episode 1 – The Gujarati ConnectionListen to this episode from CoinDesk Podcast Network on Spotify. This week, we dig into the rise of BitConnect, the strange kidnapping case that ultimately helped unravel the scheme and an important Texas Securities Commission cease and desist order.'Crypto Crooks' is sponsored by Chainalysis.BitConnect investors were on top of the world. Their investments were going up, up and up. The BitConnect token was making inroads around the world. It was almost too good to be true.Or rather, it was too good to be true.In this first episode of “Crypto Crooks,” we go back to the beginning with Amitoj Singh, a CoinDesk regulatory reporter based in India, to look at the rise of BitConnect. We also tackle some of the crimes surrounding the company, including a vicious kidnapping, and the suspicions regulators quickly brought to BitConnect’s door. It was a glorious beginning … already ripe for a tragic end.Clips:BitConnect Interview with Mr.Satish, Dead End.Bitcoin swindle: the mystery behind John Bigatton's role in the BitConnect scheme | 7NEWS SpotlightBitConnect Annual Ceremony 2017 -Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, Web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com.-“Crypto Crooks” is a CoinDesk Podcast Production. The executive producer is Jared Schwartz, with additional production by Eleanor Pahl, Rob Mitchell, Nora Battelle, Jonas Huck, and Moon Beast. Fact-checking is by Amber Von Schassen, and sound design and music are by Altus Noumena. This show is written and voiced by David Z. Morris.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info.
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800 victims of 'massive' Bitconnect fraud to receive $17M restitutionThe United States Department of Justice (DOJ) announced around 800 victims of the cryptocurrency-based Ponzi scheme Bitconnect will have $17 million in restitution distributed among them.
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