BitConnect Losses Millions of Dollars
“BitConnect is one of the most notorious online frauds to have ever existed” and “Bitcoin is no more” according to a new lawsuit filed in Texas state court.
BitConnect is a cryptocurrency scam that has resulted in millions of dollars in losses for victims in Mexico, Australia and New Zealand. The plaintiffs, who claim to be investors, accuse BitConnect of a massive fraud on the internet by defrauding them of their savings.
BitConnect’s founder was named as “Mr. X” in the scam website’s domain registration details. But BitConnect now disputes this name and says it is none other than a real person using a real name, Alex Lee, and that BitConnect’s claims about the scam are false.
BitConnect is a “digital money launderer and money transmitter,” it says, operating online as a “money transfer company” and “PLC” (pre-paid line of credit) with a global network of more than 200,000 ATMs, including 8,600 in Mexico.
BitConnect is said to have operated a network of scam ATMs in 18 countries, with most in Australia, China, the Netherlands, New Zealand, the United States, and Singapore.
In the lawsuit, which was filed in Mexico on July 22 along with 11 other people, the plaintiffs allege they lost hundreds of thousands of dollars because of BitConnect. Most of the losses were made by “high net worth” investors.
The plaintiffs are seeking an unspecified amount of money for “losses and damages” they suffered, as well as a judgement of the “total amount of money invested by investors at their account” which will be used to pay the plaintiffs’ expenses.
The plaintiffs claim they were defrauded by BitConnect at the “fault” of “Mr.
Magnenn Arcaro of Los Angeles pleads guilty to a massive conspiracy in connection with BitConnect.
[BitConnect] BitConnect: BitConnect in California, Inc. is an online currency exchange. It was founded by Magnenn Arcaro and Ryan Smith, both of Los Angeles, in September of 2016, and is licensed to conduct business in California. BitConnect has established their operations in several major cities in and around Los Angeles. BitConnect has operated on their own, or with third-party payment processors, since September, 2016. These third parties have been paid fees in connection with BitConnect’s operation.
BitConnect has raised over $100 million. Magnenn Arcaro of Los Angeles, a former lawyer for Goldman Sachs, pleaded guilty to a criminal charge in connection with the BitConnect operation, and was sentenced to nine months in prison, ordered to pay $7. 3 million of the $99. 3 million restitution, and sentenced to 12. 5 years of probation.
The criminal sentence will run consecutive with a sentence Arcaro is currently serving as part of his sentence for his guilty plea in the United States District Court Case No. 16-CR-919-WGC. Arcaro was first arrested by the FBI in October of 2016.
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A U.S. Attorney’s Note on Arcaro’s BitConnect Fraud
Attorney’s Note on Arcaro’s BitConnect Fraud” By: Aaron Schock [“A U. Attorney’s Note on Arcaro’s BitConnect Fraud”] Published: 05/23/2014 3:39 PM EDT The U. Attorney’s Office for the Southern District of New York on Thursday joined Twitter in announcing charges against the founder of BitConnect, the controversial and untraceable Internet-based cryptocurrency wallet service. On May 15, 2012, Arcaro posted a tweet stating that he was the “Bitcoin Maniac” and said, “We are now at the point where there is no end in sight. ” He then posted a picture of a Bitcoin-like coin with “bitcoins” in what might have had been the user’s avatar, which in turn contained the word “wallet. ” According to Arcaro, he used this picture of the wallet to send out messages to his Twitter followers. In his message, Arcaro explained his Bitcoin-like behavior, saying “[t]he Bitcoin maniac is using [s]ome coins to pay for drinks. If you want your bitcoins to get into circulation, you need to open your wallet and buy as many coins as you need to make ends meet. ” As we noted in a previous article of this blog, Bitconnect’s users could exchange a BitConnect coin for a U. Mint coin, which is a currency issued by the U. Attorney’s Office for the Southern District of New York issued a statement on the case Wednesday. Attorneys Patrick Strassmeir, Douglas W. Sosnick and Vincent P. Fratello said Arcaro must now pay a $12,000 fine and a $25,000 civil penalty and pay restitution to those who have been defrauded. They said BitConnect “repeatedly misled [its] customers” into believing that BitConnect was a secure and safe way to exchange BitConnect coins for U. coins with no traceability. In reality, BitConnect “failed to provide a safe or secure means to exchange BitConnect coins for U.
Maximum Penalty: Twenty Years in prison.
“Blockchain can help people live a better life faster. ” – Max Spivok | Blockchain and “the economy will not survive without it” – Steve Wozniak | How the Internet will save lives. | More – Bitcoin to replace fiat: “Bitcoin and other cryptocurrencies are only a fraction of the underlying infrastructure of the Internet. Ken Elan | “The blockchain can provide much more than a ledger: It can provide a new global system for managing rights and property, rights and property rights. ” – Jeff Brown | How the blockchain can revolutionize business.
With blockchain technology, a decentralized, distributed, shared, peer-to-peer computer system, the Internet has become a new form of information distribution. A public ledger is created by computers, containing digital data. As a business or a government uses this ledger, a digital document that identifies the ownership and rights of one person to another, it becomes the new common international identity. The digital file may then be shared, modified, and stored indefinitely.
Blockchain technology has had a disruptive effect on the Internet of Things and has revolutionized the global economic and financial system. Today, more than 350 blockchain companies that are based in 28 countries are operating online. In the future, these companies will become the infrastructure that connects humans, machines, and the global financial system. It has become possible to use digital payment, identity and asset tracking. Today, the internet is an infrastructure that connects one country to another.
Blockchain is the technology that is powering the global economy. The Blockchain is more than a ledger that has a digital signature. It is a distributed network. To understand this, it is important for us to understand the difference between the Blockchain and the “Blockchain.
The Blockchain is an Internet-based computer system that provides smart contracts. The Smart Contracts represent a new electronic payment mechanism that will reduce costs and improve efficiency in traditional payments. The first cryptocurrency, Bitcoin, can be accepted as a form of payment, because Bitcoin functions as a payment network. Bitcoin and Bitcoin alternatives such as Litecoin and Ethereum can function as payment networks.
Tips of the Day in Cryptocurrency
Cryptocurrency is a hot innovation sweeping the nation, and many believe it will be the driving force behind the coming “fiscal and monetary crisis. ” It is also becoming increasingly hard for people to get a grasp on the relative currencies available to them. This week, a couple of different currencies are competing to be ranked highest in the “world’s most popular cryptocurrency,” and we decided to explain those two.
Bitcoin, the first cryptocurrency, was developed in 2005 by three mathematicians at the University of California (at Berkeley) and was based on a peer-to-peer network. It was originally created to be a currency, but the team soon realized that they could make a great digital money, and the technology was adopted by the entire world soon after. Bitcoin’s current market value is near $1. 3 trillion, and this is what the entire world is using right now.
Bitcoin is a digital currency, meaning unlike traditional currencies, it is not printed or issued by a government. Instead, it is created by its users in digital form.
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Spread the love“BitConnect is one of the most notorious online frauds to have ever existed” and “Bitcoin is no more” according to a new lawsuit filed in Texas state court. BitConnect is a cryptocurrency scam that has resulted in millions of dollars in losses for victims in Mexico, Australia and New Zealand. The plaintiffs, who…