The founders of the crypto scheme Airbit Club promised members investment in crypto trading and mining – but spent the money on cars, jewelry and luxury homes, the Department of Justice alleged.
Several executives of AirBit Club, a so-calledpurported cryptocurrency mining and trading platform, have pleaded guilty in New York for their roles in an international fraud and money laundering scheme, according to a statement from the Department of Justice on Wednesday.
“The defendants took advantage of the growing hype around cryptocurrency to con unsuspecting victims around the world out of millions of dollars with false promises that their money was being invested in cryptocurrency trading and mining,” said Damian Williams, U.S. attorney for the Southern District of New York, in the statement.
They also were ordered to forfeit proceeds from AirBit Club, including U.S. dollars, cryptocurrency, bitcoin and real estate with a current value of $100 million, according to the DOJ.
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