US arrests three in alleged $722 mn cryptocurrency fraud

US arrests three in alleged $722 mn cryptocurrency fraud

New York (AFP) US authorities arrested three men in an alleged fraud that raised $722 million from investors lured by fake bitcoin mining earnings, the Justice Department announced Tuesday. Prosecutors described the scam as a “high-tech Ponzi scheme” run by the “BitClub Network,” which took money from investors and rewarded them for recruiting new shareholders.