BitConnect | ForkLog

ForkLog 10 16.02.2025

India Seizes $190 Million in Cryptocurrency Linked to BitConnect Fraud

Indian authorities have seized cryptocurrency worth approximately $190 million in connection with the fraudulent BitConnect scheme, according to local publication Indian Express. Raids conducted on February 11 and 15 also resulted in the confiscation of about $15,500 in rupees, a car, and electronics. Law enforcement officials analyzed a “complex network of transactions” involving numerous crypto […]

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ForkLog 30 19.08.2024

Kidnapping Linked to BitConnect Scandal in India

Indian law enforcement arrested a man suspected of kidnapping two employees of the defunct financial pyramid BitConnect and extorting $125 million in cryptocurrencies. According to the investigation, Ahmedabad resident Shailesh Babulal Bhatt fell victim to the fraudulent scheme by purchasing the native coin of the BitConnect project. In an attempt to “recover his investment,” he, […]

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ForkLog 7 15.07.2024

Australian Court Convicts Former BitConnect Promoter

The Sydney District Court found Australian promoter of the fraudulent $2.4 billion BitConnect scheme, John Bigatton, guilty of providing unlicensed financial services. The man was sentenced to three years of restricted freedom on the condition of good behavior. For five years, he will be barred from managing any business. According to court documents, the project […]

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ForkLog 9 13.01.2023

Court orders $17 million in restitution for about 800 BitConnect victims.

A federal district court in San Diego (US) ordered the distribution of $17 million among roughly 800 victims of the BitConnect Ponzi scheme, worth $2.4 billion.

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ForkLog 7 01.03.2022

BitConnect founder could not be served with $2.4 billion fraud indictment

The BitConnect founder, accused of $2.4 billion in fraud through a Ponzi scheme, could not be served because his whereabouts are unknown. This comes from an SEC filing.

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ForkLog 7 26.02.2022

BitConnect founder indicted for $2.4 billion crypto fraud

A federal grand jury in San Diego indicted BitConnect founder Satish Kumbhani for $2.4 billion Ponzi-scheme fraud.

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ForkLog 8 10.12.2021

Former BitConnect director barred for life from participating in ICOs

The United States District Court for the Southern District of New York issued a verdict against former BitConnect director and promoter Glenn Arcaro, and the affiliated company Future Money Ltd., through which he attracted potential investors.

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ForkLog 7 17.11.2021

U.S. to Sell $56 Million in Cryptocurrency to Compensate BitConnect Investors

U.S. authorities will sell cryptocurrency worth $56 million seized from former BitConnect director and promoter Glenn Arcaro. Proceeds will go toward compensating affected investors.

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ForkLog 21 02.09.2021

BitConnect scam promoter to repay $24 million to investors

Former BitConnect director and promoter Glenn Arcaro pleaded guilty to involvement in a cryptocurrency fraud that defrauded investors of more than $2 billion.

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ForkLog 7 21.08.2021

SEC wins $13 million court ruling against BitConnect promoters

The U.S. Securities and Exchange Commission (SEC) announced court rulings against two representatives of the crypto-lending platform BitConnect, which it regards as a $2 billion unregistered securities offering scheme.

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ForkLog 7 08.07.2021

Four BitConnect Promoters Reach Settlement With the SEC Over Claims

The U.S. Securities and Exchange Commission (SEC) and four of the six promoters of the fraudulent cryptocurrency project Bitconnect have reached a global settlement. Law360 reports this.

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ForkLog 5 29.05.2021

SEC charges five BitConnect promoters

The U.S. Securities and Exchange Commission (SEC) has charged Trevor Brown, Craig Grant, Ryan Maassen and Michael Noble. Authorities say they were promoters of the fraudulent cryptocurrency project BitConnect.

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