The US Department of Justice (DOJ) has accused the cryptocurrency exchange BitConnect of allegedly defrauding its investors of $ 2.4 billion.
A key San Diego-based jury has approximated investors by lending BitConnect founder Satish Kumbhani, the US Department of Justice announced on Feb. By defrauding $2.4 billion He said he blamed
According to the statement, BitConnect is in the cryptocurrency trade. cheating, electronic fraud, price manipulation, using unlicensed lending and laundering international funds accused of conspiracy to
It is said that Kumbhani, who resides in Gujarat, India, receives his money under the “Lending Program” with the promise of high returns to investors, and this money is regularly distributed to other users. So according to rumors Kumbhani, the previous investor’s money one giving it to the next investor a classic “the supply chain” it operates.
BitConnect’s native token BCC in late 2017 up to $461 falling excessively in 6 months from $0.68 traded.
In late 2021, BitConnect executives Glenn Arcaro and its founder Kumbhani issued a similar report by the U.S. Securities and Exchange Commission (SEC). blame with they had been sued. Also, Arcaro has a similar report by DOJ regarding BitConnect. He also admitted to the accusation.
U.S. Deputy Attorney General Kenneth Polite Jr. In his statements on the subject, “BitConnect is using cryptocurrencies in its hands. use in international crimes continues.” said.