A Bitcoin phenomenon has attracted the attention of the community in recent months. It is a project called BitClub Network. As the name suggests, this is a club involved in capitalizing on the Bitcoin revolution. You can get some benefits from their Bitcoin mining. So, by getting a share of the Bitcoins they mine, you’ll get a more significant total of Bitcoin later if you just bought some Bitcoin and kept it.
What is BitClub Network?
BitClub Network is a project that works for the benefit of the members involved, helping investors earn money in Bitcoin. Members have exclusive access to BitClub Network mining projects and other Bitcoin search opportunities. For about $ 99, you will have a lifetime member of this project. After participating, you can get a portion of the benefits from their Bitcoin mining. So, by getting a share of the Bitcoins they mine, you’ll get a more significant total of Bitcoin later if you just bought some Bitcoin and kept it.
Besides, they say it is creating its currency whose members will receive benefits. The beauty of BitClub is that this is an entirely passive investment, so once you get involved and pay, you don’t need to do anything.
Is BitClub Network a Ponzi project?
First, AZCoin News has checked who is the domain name registrant bitclubnetwork.com. However, this domain name has appeared many suspicious signs. As we continue searching and accessing the About Company page, we cannot find any names that run the site. The only information we receive is: Any individual or organization does not own BitClub. We are a group of experts, entrepreneurs, experts, network marketers, and programmers —, who have teamed up to launch a straightforward business around a very complex industry.
Just the appearance of some information like this is enough to say, “Wow, scam!”. However, it seems that not many investors are skeptical about this issue.
After many searches, we could not find an individual who supposedly controlled the BitClub Network. We can only see so many marketers and promoters but no founders. Even BitClub Network has hosted two online seminars, but for some reason, the host of the webinar does not bother to introduce themselves.
Also, it seems that this project has not registered operations with the SEC and, therefore, does not work in the US – one thing to consider. Read more about BitClub Network on forums, AZCoin News has discovered a lot of funny details.
As you can see, Victor Diaz is quite pleased with his investment in BCN. But it’s clear that Victor’s real name is Ali Ansari and he’s a convicted rapist who has been in prison since 2013.
Furthermore, it seems that BitClub Network has no privacy policies or terms of use on their websites. Any legit company will have this information on their site. The main reason for not having this information may be that these sites require you to include identifying information on them.
As AZCoin News reported, US authorities arrested three men involved in the BitClub Network. It’s a supposedly highly profitable Bitcoin scam and has made a whopping $ 722 million. They are Matthew Brent Goettsche (37) in North America, Colorado; Jobadiah Sinclair Week (38) of Arvada, Colorado; and Joseph Frank Abel (49) in Camarillo, California. They face up to 25 years in prison.
Conversations that were captured over the Internet in chat rooms of BitClub Network | Source: kdvr
They were indicted in New Jersey for allegedly operating a business called the BitClub Network, which defrauded investors around the world by promising good earnings from a cryptocurrency mining group. Prosecutors say the income is fake, and the whole operation is a high-tech Ponzi scheme.
Conclusion
Since December 20, co-founder of BitClub Network, Russ Medlin, is still fleeing the authorities. Since DOJ opposed this project on December 11, 2019, we can officially confirm that BitClub Network is a Ponzi, even that this Ponzi is worth 722 million dollars.
Russ Medlin, BitClub Network founder (on the right)
At that time, the three defendants named were Matthew Goettsche, Jobadiah Weekks, and Joseph Abel. Two other defendants were still arrested. Meanwhile, it is believed that the co-founder of BitClub Network is Russ Medlin.
The last time people still saw Russ Medlin was when he was still hoping to get his Crypto Societi Ponzi reboot off the ground.
On December 20, the New Jersey District Court settled the lawsuit against BitClub Network and its operators. However, the original arrest warrant and the unpublished indictment remain sealed, confirming Medlin is still on the run.
Crypto Societi is currently being promoted throughout Africa. The current status and whereabouts of Russ Medlin are unknown.
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