Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
BitConnect
BitConnect Ponzi Victims to Receive $17 Million Restitution
Victims of the infamous BitConnect Ponzi scheme in 2017 are due to receive net restitution worth $17 million, according to a statement from the Department of Justice (DOJ) on Thursday. According to the DOJ’s statement, a federal district judge in San Diego ordered that the funds be distributed to 800 victims of the scam across 40 countries. The department described BitConnect as “a textbook Ponzi scheme” that paid earlier investors with money from newer investors. BitConnect’s top promoter Glenn Arcaro…
2 years ago
BitConnect Founder Faces Indictment Over Alleged $2.4B Fraud
BitConnect founder Satish Kumbhani has been officially charged with defrauding investors on the crypto platform of about $2.4 billion, via an elaborate Ponzi scheme. Kumbhani’s Charges The US Department of Justice shared the details of his charges after a federal grand jury indicted Kumbhani. According to the official documents, Kumbhani’s allegations include working with co-conspirators to commit wire fraud. Additionally, the authorities charged him with conspiracy to commit market manipulation and for providing unlicensed money transfer services. The grand jury’s…
3 years ago