A key figure in what is believed to be the biggest crypto fraud in history has pled guilty to criminal charges in a US federal court.

Glen Arcaro, the director and promoter of BitConnect – a high yield crypto investment scheme that was shut down in 2018 – pled guilty to conspiracy to commit wire fraud, according to a Department of Justice (DOJ) statement.

 

According to the DOJ, Arcaro admitted to misleading investors about BitConnect’s supposed proprietary technology such as a trading bot and “volatility software,” helping the scheme net billions of dollars.

Says Acting U.S. Attorney Randy S. Grossman of the Southern District of California,

“Arcaro and his confidantes preyed on investor interest in cryptocurrency. As a result, a staggering number of individuals lost an enormous amount of money.”

The DOJ says that Arcaro sat at the top of a large network of promoters in North America known as the BitConnect Referral Program. He…

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