Founder of cryptocurrency company BitConnect charged in $2.4-billion fraud

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The founder of a cryptocurrency company was charged by a San Diego federal grand jury Friday in a wide-ranging indictment alleging he defrauded global investors out of more than $2.4 billion.

The founder of a cryptocurrency company was charged by a San Diego federal grand jury Friday in a wide-ranging indictment alleging he defrauded global investors out of more than $2.4 billion in what prosecutors said is believed to be the largest swindle of its kind ever criminally charged.

Investors around the world, including those in San Diego, were encouraged to buy BitConnect’s open-source, decentralized cryptocurrency, called BCC, using Bitcoin for the purchase.Investors would then “lend” their BCC tokens to Bitconnect, which would purportedly invest the proceeds using proprietary technology known as the Trading Bot and Volatility Software.

Glenn Arcaro, described by prosecutors as “one of the most prolific and successful” of the bunch overseeing the United States, also formed his own cryptocurrency education course called Future Money. But the course was really a way to funnel potential investors to BitConnect, prosecutors said.in September to conspiracy to commit wire fraud.

The fallout was swift around the globe, with South Korean investors “freaking out” and one promoter warning Kumbhani that people were talking in chat rooms about committing suicide, according to the indictment.

 

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