Tag Archives: Bit Connect

A federal judge in the region of San Diego, California has ordered the leader of a crypto fraud scheme to pay as much as $17 million in restitution fees to more than 800 traders and investors that allegedly fell victim to his methods. Fraud Promoter Will Also Spend Time in Prison The scam was known as Bit Connect, and it will likely go down as one of the biggest crypto-based Ponzi schemes in history. Many investors who put their money into the platform were ultimately...

Satish Kumbhani – the founder of cryptocurrency investment company Bit Connect – has been charged with conspiracy to commit wire fraud and conspiracy to commit commodity price manipulation amongst other crimes. Bit Connect Is Facing the Call of Justice Bit Connect is believed to have been at the forefront of a $2.4 billion crypto Ponzi scheme. U.S. attorney Randy Grossman for the Southern District of California explained in a statement: This indictment alleges a massive...

The founder and top executive of Bit Connect – a now extinct cryptocurrency exchange – is being sued by the Securities and Exchange Commission (SEC) over his potential role in fraudulently collecting approximately $2 billion from investors several years ago. Bit Connect Is at the Center of a Legal Battle A civil case against the founder of the company was filed four months ago in May of this year. Satish Kumbhani – an Indian citizen – was formally charged by the SEC for...

The Securities and Exchange Commission (SEC) has charged five individuals for allegedly taking part in what has come to be known as the Bit Connect scam. Bit Connect Is Still an Open Case Bit Connect collapsed in the year 2018. The event resulted in more than $2 billion in losses for investors, and now it appears five people are being made to answer for the enterprise’s dissolution. Bit Connect was advertised as a “global unregistered digital asset securities offering.”...