BitConnect Director Pleaded Guilty for Participation in Conspiracy

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The Department of Justice (DOJ) reported that in early September 2021, Glenn Arcaro pleaded guilty in federal court to participating in a massive conspiracy over BitConnect, a cryptocurrency investment scheme that deceived investors around the world for more than USD2 billion. The BitConnect scheme is believed to be the biggest cryptocurrency scam ever criminalized.

Mr. Arcaro and others have agreed to exploit investors’ interest in the cryptocurrency by fraudulently launching BitConnect’s own coin and the digital currency exchange as a profitable investment.

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