Mastermind Workin' in the Crypto Mine

US FBI charges 3 with running $722M cryptocurrency scam
don't drop the soap -- $722M cryptocurrency scam Busted!
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NEWARK, N.J. (AP) — Three men were charged with running a cryptocurrency mining operation that officials labeled a “high-tech Ponzi scheme” that bilked investors out of $722 million, federal officials announced Tuesday.

Matthew Goettsche, 37, was arrested Tuesday in Colorado, while Jobadiah Weeks, 38, was taken into custody in Florida and Joseph Abel, 49, was arrested in California, according to the U.S. attorney’s office.

It wasn’t immediately clear whether they had attorneys who could speak for them.

According to federal prosecutors, the men ran a business called BitClub Network from April 2014 through this month that promised earnings to investors who bought shares in its supposed cyrptocurrency mining pool.

Mining involves using computers to solve mathematical problems in order to record virtual currency transactions. Miners receive cryptocurrency for their work.

But the earnings reported by the network were false, authorities contend. ...
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No shortage of naive, wanna be, crypto millionaires ....

 

SEC: Crypto ‘entrepreneur’ illegally raised $42M, spent funds on dating and rent

>>>The SEC’s complaint claims that between August 2017 and April 2018, UnitedData founder Eran Eyal fraudulently sold unregistered securities via an ICO for “Shopin Tokens.”

Capital raised by selling Shopin Tokens was supposed to be used to create shopper profiles that track purchase histories across online retailers, which were purportedly to be maintained by a blockchain.

According to the SEC, Shopin never created a functional platform, despite raising $42 million. Authorities allege that both Eyal and Shopin repeatedly misrepresented “partnerships” with well-known retailers, as well as the supposed involvement of a prominent figure in the digital asset industry.<<<

Bend over and hold on to your socks