News Explorer — Airbit Club Founders Plead Guilty to $100M Fraud and Money Laundering Scheme
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Airbit Club Founders Plead Guilty to $100M Fraud and Money Laundering Scheme
Six executives of the global cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to their roles in the fraud and money laundering scheme that defrauded victims out of a collective $100 million. The co-founders, promoters, and an attorney have all admitted to their involvement in the scheme, which involved luring victims with false promises of returns generated through bitcoin mining and trading. The defendants must forfeit their ill-gotten gains, including U.S. currency, bitcoin, and real estate, and face a maximum sentence of 70 years in prison.
Six executives of the global cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to their roles in the fraud and money laundering scheme that defrauded victims out of a collective $100 million. The co-founders, promoters, and an attorney have all admitted to their involvement in the scheme, which involved luring victims with false promises of returns generated through bitcoin mining and trading. The defendants must forfeit their ill-gotten gains, including U.S. currency, bitcoin, and real estate, and face a maximum sentence of 70 years in prison.
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