BitConnect Founder Indicted In $2.4 Billion Crypto Scheme

BitConnect founder Satish Kumbhani has been indicted by a San Diego jury for allegedly orchestrating a global cryptocurrency ponzi scheme that involved approximately $2.4 billion taken from investors. Kumbhani is currently at large.

The Justice Department said the 36-year-old has been charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering. He is facing up to 70 years in prison if convicted on all the charges.