The long-standing crypto fraud case against BitConnect, its founder, and promoters is yet to be resolved. The SEC has revealed that Satish Kumbhani, the founder of the crypto exchange, is nowhere to be found. The SEC is searching for BitConnect’s indicted founder In a recent court filing, SEC attorney Richard Primoff stated that Kumbhani has

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February 28, 2022       /       Unchained Daily       /       Laura Shin Daily Bits ✍️✍️✍️ The price of Bitcoin was briefly shown at a deep discount[...]

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A U.S. grand jury indicted Satish Kumbhani, the founder of BitConnect, orchestrating a fraud scheme that siphoned approximately $2.4 billion from investors. (Read More)

BitConnect is yet to shed off its bad history despite closing in 2018. The US Department of Justice has indicted one of the founders of [...]

The US Department of Justice (DOJ) today announced that Satish Kumbhani, the founder of the $2.4 billion crypto scam BitConnect, has been indicted.

The U.S. Department of Justice announced its indictment against Satish Kumbhani, the founder of defunct cryptocurrency platform BitConnect on charges of ‘orchestrating a global Ponzi scheme’ worth $2.4 billion, believed to be the largest cryptocurrency fraud ever. US Justice Department Indicts BitConnect Founder In an official press release, the Justice Department said that Satish Kumbhani had been charged with conspiracy to commit wire fraud, wire fraud, commodity price manipulation, operation of an unlicensed money transmitting business, and committing international money laundering. All the charges have been associated with the operation of BitConnect crypto platform. The service was sold as a lending program that ultimately proved to be a pyramid business of global dimensions, ranking 20th in the list of cryptocurrencies with the most market capitalization. “This indictment alleges a massive cryptocurrency scheme that defrauded investors of more than $2 billion. The U.S. Attorney’s Office and our law enforcement partners are committed to pursuing justice for victims of cryptocurrency fraud,” U.S. Attorney Randy Grossman said in a statement. Crypto Frauds Draw Scrutiny from Regulators The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) has been actively hunting down cryptocurrency-related cases recently. Just this week, BitMEX co-founders Delo and Hayes pleaded guilty to violating the U.S Bank Secrecy Act. Under the terms of their plea agreements, the co-founders have agreed to pay a $10 million criminal fine ‘representing pecuniary gain derived from the offense.; Similarly, crypto lending firm BlockFi also paid a $100 million penalty in an SEC settlement this month.

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Bitconnect closed in 2018, but the US authorities are not done with its promoters and now they are charging one of its cofounders

Satish Kumbhani remains at large, according to the Department of Justice.

A federal grand jury has indicted BitConnect founder Satish Kumbhani with allegedly defrauding $2.4 billion through the crypto Ponzi scheme.

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