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Detail Analysis

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Date:

Status:

Count:

Contributor:

July 10, 2020

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Verified

1

zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

722,000,000

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Recovered Amount:

-

Currency:

Dollars

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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According to the announcement issued by the Federal Prosecutor's Office of New Jersey, the programmer Silviu Catalin Balaci admitted to participating in the establishment of the cryptocurrency mining organization BitClub Network, engaging in telecommunications fraud and selling unregistered securities. Balaci confirmed that during the five-year period of implementation of the plan, BitClub defrauded investors of at least $722 million in Bitcoins.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.