Founders of Multimillion-Dollar Global Crypto Ponzi Scheme 'Airbit Club' Plead Guilty – Regulation Bitcoin News

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The defendants have been ordered to forfeit 'U.S. currency, bitcoin, and real estate currently valued at approximately $100 million.' crypto cryptocurrency Ponzi

Airbit Club victims were promised “guaranteed daily returns on any membership purchased,” the U.S. Department of Justice detailed.The U.S. Department of Justice announced Wednesday that six people behind Airbit Club, a crypto Ponzi scheme that purported to be a cryptocurrency mining and trading company, have pleaded guilty.

As part of their guilty pleas, the defendants collectively have been ordered to forfeit their fraudulent proceeds of Airbit Club, which include seized or restrained assets consisting of U.S. currency, bitcoin, and real estate currently valued at approximately $100 million. The Department of Justice explained that beginning in late 2015, the defendants marketed Airbit Club as “a multilevel marketing club in the cryptocurrency industry.” They traveled worldwide to host “lavish expos and small community presentations” across the U.S., Latin America, Asia, and Eastern Europe to convince victims to buy Airbit Club memberships in cash.

 

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