Top BitConnect promoter faces time in prison in $2.4 billion ponzi.

September 17, 2022

BitConnect promoter Glenn Arcaro was sentenced to 38 months in prison by a federal court in San Diego.

Arcaro admitted that he falsely promoted BitConnect’s ICO and digital exchange as a lucrative investment.

BitConnect promoted had promised/marketed guaranteed profits to investors.

It was revealed that BitConnect paid early investors using money received from later investors.

Arcaro had pleaded guilty and agreed to cooperate with prosecutors as he forfeited $34 million from BitConnect.

Bitconnect founder Satish Kumbhan, who resided in India, has not yet been caught.

The BitConnect ponzi scheme defrauded at least 4,500 people from 95 different countries.