Bitcoin Mining Scam Perpetrators Sentenced by US Courthouse

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Federal prosecutors in the state of New Jersey have arrested three men in connection with an apparent USD $722 million cryptocurrency scam involving multiple accounts from investors all around the world.

They claim that the defendants induced thousands of investors to back a scheme called BitClub Network, which claimed to earn profits from Bitcoin mining. However, the scheme was claimed to be a MLM (multi-level marketing scheme) in which investments contributed by later members are used to pay off those who invested into the scheme earlier.