Crypto promoter pleads guilty to fraud charges for his role in a $2B Ponzi scheme

The BitConnect scheme, described as a “textbook Ponzi scheme,” defrauded over $2 billion from investors globally.

Glenn Arcaro, a former director and promoter of the crypto exchange and lending platform BitConnect, pleaded guilty to fraud charges for his role in what is believed to be the largest crypto fraud ever charged criminally. The BitConnect scheme, described as a “textbook Ponzi scheme,” defrauded over $2 billion from investors globally.

“Arcaro and his confidantes preyed on investor interest in cryptocurrency,” Acting U.S. Attorney Randy S. Grossman said, according to a press release posted on the Justice Department website. “As a result, a…

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