BitClub’s $722M Bitcoin Mining Ponzi Scheme

Born Jobadiah Sinclair Weeks from Colorado is a bitcoin scammer who has pleaded guilty to tax evasion and conspiracy to sell unregistered securities. This is one of the largest cryptocurrency frauds ever devised, one that scammed tens of thousands of small investors out of more than $720 million.

The BitClub Network promised high returns to customers who purchased shares in a cryptocurrency “mining pool.” The money was supposed to go toward buying and operating stacks of high-speed computing equipment, to be used in carving out new blocks of transactions in the Bitcoin blockchain.

The BitClub scammers made exaggerated claims about mining capability they didnโ€™t have, paid out inflated earnings to early investors in order to rope in more suckers, and took huge rake-offs for themselves, much of it in the form of commissions from a multi-level marketing (MLM) setup that paid huge bonuses for recruiting new members.

A Classic Ponzi Scheme ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ๐Ÿคฃ

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