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AirBIT Ponzi Operators Got Charged With Fraud And Money Laundering

Stefan by Stefan
19/08/2020
in Altcoin News
Reading Time: 2 mins read
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DOJ Filed Charges, baller ape, rug pull, scam , justice
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AirBit ponzi scheme operators were charged with fraud and money laundering as they spent their earnings on luxury cars, real estate, jewelry rather than crypto mining, and trading so let’s find out more in the upcoming cryptocurrency news today.

The AirBit ponzi scheme operators were charged after the United States Homeland Security Investigations probe and according to the announcement from the US Department of Justice, four out of five alleged operators of the club netted tens of millions of dollars from victims. They were arrested and are now due to appear in court while the fifth person was arrested in Panama and is now awaiting extradition in the United States.

money laundering

The scheme was launched in 2015 and sold as a multi-level marketing club in the crypto industry. The defendants hosted lavish presentations to encourage the investors to part with cash and they promised daily high returns from crypto mining and trading. With the online portal for investors that show these profits increasing, there was no crypto mining or trading taking place. The scammers instead, spent their cash on luxury goods and real estate and even financed extravagant presentations to lure in more victims.

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Back in 2016, club members that wanted to withdraw proceeds were met with excuses and delays and fees, which ended up in telling the members to have to recruit new ones if they wanted to receive the returns. The defendants tried to conceal the scheme and their involvement by requesting membership payments in cash, laundering about $20 million of proceeds via multiple trusts and bank accounts, removing negative information about the scheme from the internet. As it was reported last month, one member of another crypto-based Ponzi scheme that netted $722 million pled guilty to wire fraud and selling unregistered securities.

ponzi scheme
Five men were arrested in the latest take down of the AirBit Ponzi scheme

In the recent news, we also reported about The US-DOJ executing a seizure warrant for 482 Bitcoins and an additional 1.7 million USDT from an alleged Ponzi scheme administrator. The US-DOJ, (United States Department of Justice) filed a complaint against an alleged crypto Ponzi scheme to forfeit in more than $7 million in Tether and BTC. The administrator of the scam named “Bana Fund” used some of the raised funds for personal benefit including buying a house.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: airbitairbit ponziFraudMoney launderingponzi operatorsponzi schemewire fraud
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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