Investigations into the BitClub crypto scam have unearthed seven hundred twenty-two million dollars ($722M) worth of Ponzi scheme money. Five founding members have been charged for this Ponzi scheme. The accused said that they lured in the ‘average dumb investor’ who believed in the multi-level marketing scheme. Newark District Court ruled that the BitClub founders were running a Ponzi scheme that involved a wire fraud. The accused were identified as Silviu Balaci, Jobadiah Sinclair Weeks, Joseph Frank Abel and Matthew Breant Goettshe. As per the ruling, the accused employed the intricate cryptocurrency maze that ultimately defrauded investors of their wealth
