Express

California Man Pleads Guilty To Soliciting Investors For $722 Million Crypto Mining Scam

Emily Mason

Summary: A California man pleaded guilty to soliciting investors for a $722 million cryptocurrency mining scheme, as reported by Bloomberg. Joseph Frank Abel pleaded guilty to charges of conspiring to offer and sell unregistered securities and subscribed to a false tax return. He was charged along with four co-defendants in December 2019. His fraudulent organization, BitClub Network, ...

A California man pleaded guilty to soliciting investors for a $722 million cryptocurrency mining scheme, as reported by Bloomberg.

Joseph Frank Abel pleaded guilty to charges of conspiring to offer and sell unregistered securities and subscribed to a false tax return. He was charged along with four co-defendants in December 2019.

His fraudulent organization, BitClub Network, solicited money from investors in exchange for shares in cryptocurrency mining pools and rewarded members for recruiting new investors. Abel will be sentenced on January 27.

By Emily Mason

Last Update:

Tags: BitClub Network,Crypto Mining Scam
Link: California Man Pleads Guilty To Soliciting Investors For $722 Million Crypto Mining Scam [Copy]

Last: Andreas Antonopoulos Believes DeFi Can Serve The Unbanked, But That The Industry Is A Decade Away From Maturity

Next: Governance Token Celo Set To Be Temporarily Listed On Coinbase, Exchange Commits To Expanding Coin Offerings

From Data Rights to Digital Property: Whistleblower Brittany Kaiser on Blockchain, RWA,... 4 days ago

The Base Chain's Ascent: How Deep Coinbase Integration and JPMorgan's Pilot Are Reshapi... 10 days ago

Tether in Trouble? U.S. Senate Just Passed a Law That Could Dethrone the $155B Stableco... 13 days ago

Justin Sun's Nasdaq Gamble: How Six Years Forged Ties with the Trump Family 14 days ago

The Crypto IPO Wave: From Fringe to Front Page 17 days ago