The founder and five others involved in a $100 million crypto 'Ponzi scheme' — AirBit Club — could face decades in prison after pleading guilty to a series of fraud and money laundering charges over the scheme.
According to the DOJ, the perpetrators traveled throughout the United States, Latin America, Asia and Eastern Europe to market AirBit at “lavish expos” to convince investors to purchase AirBit Club memberships.
Victims saw “profits” accumulate on the AirBit Club online portal, but no actual mining or trading was ever carried out. One victim trying to withdraw was asked to “bring new blood” into the AirBit Club scheme in order to withdraw her funds.purchase luxurious cars, houses and jewerly.
"Instead of doing any cryptocurrency trading or mining on behalf of investors, the defendants built a Ponzi scheme and took the victims’ money to line their own pockets," he added.Since then, senior promoters Cecilia Millan, Jackie Aguilar and Karina Chairez each pled guilty to a series of wire fraud conspiracy, bank fraud conspiracy and money laundering conspiracy charges on Jan. 31, Feb. 8 and Feb.
These guilty pleas send a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud,” Williams added.
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