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You are here: Home / Archives for Bitconnect

Bitconnect

India Cracks Down on $190M Crypto Fraud Tied to BitConnect

February 17, 2025 by Onyi

The Indian law enforcement has seized about $190 million in cryptocurrency linked to the BitConnect Ponzi scheme. This is one of India’s biggest actions to combat crypto fraud. The Enforcement Directorate (ED) in Ahmedabad has seized Rs 1,646 crore worth of digital currency in the BitConnect scam. Reports have it that investors were tricked into […]

Filed Under: News, Crypto Scam Tagged With: Bitconnect, Crypto Scam, India

Australian Man Pleads Guilty to $3.6B Crypto Ponzi Scheme, Faces Sentencing in July

May 21, 2024 by Kashif Saleem

John Bigatton, a Sydney man, has admitte­d guilt to promoting a cryptocurrency Ponzi scheme that swindle­d investors out of a staggering $3.6 billion. Bigatton, from Carss Park in New South Wale­s, pleaded guilty in Sydney District Court to acting as an unlice­nsed financial advisor while spruiking BitConnect’s Le­nding Platform in late 2017 and early 2018. […]

Filed Under: News Tagged With: Bitconnect, Ponzi Scheme

BitConnect Founder Under Investigation by Indian Police Following Indictment in the US

August 18, 2022 by Goku

BitConnect founder seems to be in trouble. Indian authorities are currently looking into Satish Kumbhani, the creator of the bitcoin investment website BitConnect, for the multi-million dollar fraud. According to reports, Kondhwa Budruk, a lawyer from Pune, reported the incident to the cybercrime police on August 16. As per the initial information report (FIR), the […]

Filed Under: News, Crypto Scam Tagged With: Bitconnect, Crypto Scam, India

BitConnect founder accused of Ponzi scheme has vanished

March 2, 2022 by Aishwarya shashikumar

Satish Kumbhani, the founder of BitConnect, has gone missing a week after being charged in a $2.4 billion Ponzi scheme that allegedly deceived investors in the United States. The US Department of Justice (DoJ) indicted Kumbhani, an Indian citizen, with criminal charges last week. In September 2021, the Securities and Exchange Commission (SEC) filed a separate lawsuit against […]

Filed Under: News, Crypto Scam, World Tagged With: Bitconnect, Cryptocurrency, DoJ, Ponzi Scheme, SEC

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