US Arrests Three Men In Alleged $722 Million Cryptocurrency Fraud

US Arrests Three Men In Alleged $722 Million Cryptocurrency Fraud

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.