Detail Analysis
Date:
Status:
Count:
Contributor:
July 10, 2020
Verified
1
zerofriction.io
KYC By:
KYC:
None
Audit By:
Audits:
None
Loss Amount:
722,000,000
Recovered Amount:
-
Currency:
Dollars
Key Indicators
Platform:
Type:
Category:
Method:
Data Sources:
Investment
Scams
Extended Method:
Ponzi scheme
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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