Indian authorities have seized ₹4.3 billion in cryptocurrency, gold and cash ($51.9 million USD). As reported by The Hindu on April 1st, the assets are tied to BitConnect’s “Divyesh Darji and others”. The ED probe is based on the First Information Reports registered by the Surat police in Gujarat under various provisions of the Indian […]
Indian authorities seize $51.9 million tied to BitConnect Read More »
800 victims of the BitConnect Ponzi scheme are set to receive a share in $17 million recovered through restitution. As per a January 12th press-release from the DOJ, the $17 million appears to be restitution recovered from Glenn Arcaro. As part of Arcaro’s plea, he admitted to conspiring with others to exploit investor interest in
800 BitConnect victims to receive $17 million in restitution Read More »
The BitConnect class-action has been dismissed by co-lead Plaintiffs Albert Parks and Faramarz Shemirani. Parks and Shemirani filed a Notice of Voluntary Dismissal on November 22nd. At time of publication the court has yet to issue any response filing certifying the notice. I’m not seeing why the court wouldn’t though, so for all intents and
BitConnect class-action dismissed by Plaintiffs Read More »
The Supreme Court has denied BitConnect scammer Glen Arcaro’s petition for a writ of certiorari. Arcaro (right) filed his SCOTUS petition after his bid to overturn an appeal dismissing a related civil class-action filed against him. Arcaro argues that he’s already been milked dry in parallel criminal and civil regulatory proceedings brought against him. Mr.
Glenn Arcaro’s BitConnect CA Supreme Court writ denied Read More »
BitConnect’s Glenn Arcaro has been sentenced to 38 months in prison (just over 3 years). Arcaro, as Bitconnect’s US National Promoter, worked closely with indicted founder Satish Kumbhani. Together with a group of US based promoters, Arcaro was in charge of BitConnect investor recruitment across North America. The SEC alleged Arcaro stole around $24 million
BitConnect’s Glenn Arcaro sentenced to 38 months in prison Read More »
Four and a half years after BitConnect collapsed, a victim has registered a complaint with police in India. The victim, identified only as a lawyer in Pune, Maharashtra, claims to have lost “close to 220 bitcoin”. Of that amount, 54 bitcoin is alleged to be an initial investment. The remaining 166 bitcoin is Ponzi returns
New BitConnect case against Kumbhani in India Read More »
A BitConnect class-action Status Report reveals a settlement between the parties is unlikely at this time based on the history of this litigation and the Parties’ litigation positions. A Fourth Amended Complaint is also in the works. Following an appeal reversal by the Eleventh Circuit back in February, here’s the current status of the case;
Settlement unlikely in BitConnect class-action Read More »
In September 2021 somebody purchased BitConnect’s “bitconnect.co” website domain. They’ve since turned it into a Ponzi factory, and business is booming. I became aware of BitConnect’s website domain being repurposed through an ad for Bitcoin Prime. Stealing Amazon’s trademark aside, Bitcoin Prime is an unremarkable $250 a pop Ponzi scheme. What caught my eye was
Somebody turned BitConnect’s domain into a Ponzi factory Read More »
Satish Kumbhani has been indicted by a Grand Jury in San Diego. Kumbhani, an Indian national, is the founder of the notorious BitConnect Ponzi scheme. As per a DOJ press-release issued earlier today; As alleged in the indictment, however, BitConnect operated as a Ponzi scheme by paying earlier BitConnect investors with money from later investors.
BitConnect’s Satish Kumbhani indicted in the US Read More »
In April 2020 what was left of the BitConnect class-action was dismissed by a District Court Judge. The dismissal was appealed, resulting in the Eleventh Circuit overturning the decision on February 18th. As summarized by the Eleventh Circuit; After (BitConnect) collapsed, BitConnect buyers sought to hold the promoters liable under section 12 of the Securities
BitConnect class-action reversal opens can of worms Read More »
