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ID:

bitclub-508

Date:

Status:

Incident Count:

July 10, 2020

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

722,000,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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Days in Operation:

42006

(115.08 Years)

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According to the announcement issued by the Federal Prosecutor's Office of New Jersey, the programmer Silviu Catalin Balaci admitted to participating in the establishment of the cryptocurrency mining organization BitClub Network, engaging in telecommunications fraud and selling unregistered securities. Balaci confirmed that during the five-year period of implementation of the plan, BitClub defrauded investors of at least $722 million in Bitcoins.

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