The SEC is unable to locate the founder of the BitConnect platform Satish Kumbhani who is being sued for raising funds and scamming investors out of $2 billion so let’s read furhter in today’s latest crypto news. The Bitconnect founder is being sued for defrauding investors out of $2 billion and launching a Ponzi Scheme […]

Following a ban on Bitcoin mining in China, many operations fled to neighboring Kazakhstan. Now, changing regulations raise questions about their future.

A U.S. grand jury indicted Satish Kumbhani, the founder of BitConnect, orchestrating a fraud scheme that siphoned approximately $2.4 billion from investors. (Read More)

The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department of Justice […]

BitConnect is yet to shed off its bad history despite closing in 2018. The US Department of Justice has indicted one of the founders of [...]

The U.S. Department of Justice announced its indictment against Satish Kumbhani, the founder of defunct cryptocurrency platform BitConnect on charges of ‘orchestrating a global Ponzi scheme’ worth $2.4 billion, believed to be the largest cryptocurrency fraud ever. US Justice Department Indicts BitConnect Founder In an official press release, the Justice Department said that Satish Kumbhani had been charged with conspiracy to commit wire fraud, wire fraud, commodity price manipulation, operation of an unlicensed money transmitting business, and committing international money laundering. All the charges have been associated with the operation of BitConnect crypto platform. The service was sold as a lending program that ultimately proved to be a pyramid business of global dimensions, ranking 20th in the list of cryptocurrencies with the most market capitalization. “This indictment alleges a massive cryptocurrency scheme that defrauded investors of more than $2 billion. The U.S. Attorney’s Office and our law enforcement partners are committed to pursuing justice for victims of cryptocurrency fraud,” U.S. Attorney Randy Grossman said in a statement. Crypto Frauds Draw Scrutiny from Regulators The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) has been actively hunting down cryptocurrency-related cases recently. Just this week, BitMEX co-founders Delo and Hayes pleaded guilty to violating the U.S Bank Secrecy Act. Under the terms of their plea agreements, the co-founders have agreed to pay a $10 million criminal fine ‘representing pecuniary gain derived from the offense.; Similarly, crypto lending firm BlockFi also paid a $100 million penalty in an SEC settlement this month.

The post BitConnect Founder Indicated Over $2.4B Crypto Fraud appeared first on Cryptoknowmics-Crypto News and Media Platform.

A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations.

Bitconnect closed in 2018, but the US authorities are not done with its promoters and now they are charging one of its cofounders

Satish Kumbhani remains at large, according to the Department of Justice.

A federal grand jury has indicted BitConnect founder Satish Kumbhani with allegedly defrauding $2.4 billion through the crypto Ponzi scheme.

The post BitConnect founder indicted for alleged $2.4 billion Ponzi scheme appeared first on The Block.

On January 10, NFT marketplace LooksRare issued its token – $LOOKS – and airdropped it to the community. The next day, the platform exceeded $115 million in trading volume, surpassing OpenSea as the highest traded NFT marketplace.

Enterprises are spending a pittance on securing their software supply chain, which makes COTS software dangerous — vulnerabilities can be "hidden" in open source components.