US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison

  • The Bitconnect Ponzi scheme ensnared 4,154 victims from 95 countries making it a true worldwide Ponzi scheme.
  • According to the DOJ, Glenn Arcaro transmitted the proceeds that he earned from the Bitconnect scheme to offshore accounts, changed some of the proceeds into precious metals storage, and obtained foreign passports.

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