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 […]
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Australian Man Pleads Guilty to $3.6B Crypto Ponzi Scheme, Faces Sentencing in July
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. […]
BitConnect Founder Under Investigation by Indian Police Following Indictment in the US
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 […]
BitConnect founder accused of Ponzi scheme has vanished
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 […]