The BitConnect co-founder has been charged with running a multi-billion dollar scam
According to prosecutors, BitConnect’s lending program, which was supposed to use proprietary technologies for generating guaranteed returns, was shut down after operating for about one year.
Kumbhani relied on a group of promoters in order to give the cryptocurrency a veneer of legitimacy and artificially prop up its value.After being charged on multiple counts of wire fraud, conspiracy to commit money laundering and conspiracy to manipulate commodity prices, Kumbhani is facing a maximum prison sentence of 70 years.
The U.S. Securities and Exchange Commission filed a lawsuit against BitConnect as well as Kumbhani and the leading U.S. promoter of the high-profile fraud back in September 2021.
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