Dear Clients,
Short case overview:
The BitClub Network case refers to a Ponzi scheme that was promoted as a cryptocurrency mining pool operation. It was launched in 2014 and was active until 2019, when it was shut down by the Federal Bureau of Investigation (FBI) and other agencies for defrauding investors of over $722 million in Bitcoin and other cryptocurrencies.
It was operated by a group of individuals based in the United States and abroad, who marketed the scheme as a legitimate investment opportunity in a cryptocurrency mining pool. However, instead of using investor funds to purchase and operate mining equipment, the defendants used the funds to pay existing investors and to enrich themselves.
The defendants were charged with conspiracy to commit wire fraud and money laundering, and several of them have plead guilty and have been sentenced. This case is considered one of the largest crypto-related Ponzi schemes to date, and serves as a reminder of the potential risks associated with investing in digital currencies and crypto-related schemes.
It’s important to note that it’s always recommended to do a thorough research and due diligence before investing in any cryptocurrency-related opportunity, be careful of any promises of guaranteed returns, and be suspicious of opportunities that seem too good to be true.
There are currently no updates on the status of our clients’ restitution claims. As soon as we get any new information we will notify you immediately.
Kind Regards,
Zoran Miljakovic
Attorney at Law