50-year-old Joseph Abel pleaded guilty due to his involvement in promoting BitClub Network

According to a press release from the US Attorney’s Office of the County of New Jersey, Joseph Abel, 50, pleaded guilty to being accused of being involved in promoting the BitClub Network project.

Joseph Abel pleaded guilty due to his involvement in promoting BitClub Network

BitClub Network is a Ponzi project that scammed over $ 722 million with the aim of becoming a cryptocurrency mining pool.

After his arrest, Abel admitted that he had committed two crimes, related to securities and taxes. In it, he admitted to having sold the stakes of mining pools from BitClub Network without the approval of the US Securities and Exchange Commission. Nor did he explicitly state the source of the $ 1 million in income he received from promoting BitClub.

The press release states:

“Abel acts as a large scale promoter of the BitClub Network.”

The project has taken money from investors in exchange for shares in the program and rewarded investors for recruiting new participants. It is because of the level of investor enthusiasm for Bitcoin and other cryptocurrencies that is the weakness that scammers target.

In July 2020, a 35-year-old Romanian programmer behind the operation pleaded guilty to defrauding investors with hundreds of millions of dollars worth of Bitcoin.

Thus, this can be seen that the fraudsters, no matter how hard they try, cannot escape the law. But they have left a bad reputation in the cryptocurrency market nonetheless …

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