{"id":221734,"date":"2022-02-26T12:15:11","date_gmt":"2022-02-26T12:15:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=221734"},"modified":"2022-02-26T12:15:11","modified_gmt":"2022-02-26T12:15:11","slug":"finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud\/","title":{"rendered":"Finally, U.S. authorities indict founder of $2 billion BitConnect fraud"},"content":{"rendered":"

Three years after the official closure of BitConnect<\/a>, an infamous crypto exchange platform, the United States authorities are still in the business of bringing the brains behind it to book for allegations leveled against them.<\/p>\n

DOJ indicts BitConnect founder<\/h2>\n

According to available information<\/a>, the company's founder, Satish Kumbhani, has now officially been charged to court following his indictment by the US Department of Justice (DOJ),<\/p>\n

The case against him bothers on multiple allegations that he misled investors and, in turn, siphoned over $2 billion.<\/p>\n

A statement released by the DOJ indicated that a San Diego-based federal grand jury said that Kumbhani used BitConnect\u2019s \u201cLending Program\u201d to carry out a Ponzi scheme. The statement explicitly stated that the infamous exchange paid \u201cinvestors with money from later investors.\u201d<\/p>\n

Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering.<\/p><\/blockquote>\n

BitConnect operated like a Ponzi scheme<\/h2>\n

But how did he commit these crimes? A few years ago, Kumbhani created a scheme<\/a> that offered a trading bot service and volatility software. As a return, he promised investors that those who used BitConnect would receive substantial profits in crypto.<\/p>\n

This move played a role in pushing BitConnect\u2019s BCC to an ATH of $463.31, and its market cap was also far beyond $3 billion.<\/p>\n

The DoJ stated that Kumbhani, alongside his fellow conspirators<\/a>, manipulated the demand for the token while also concealing and transferring assets connected to BitConnect via a \u201ccluster of cryptocurrency wallets and various internationally-based cryptocurrency exchanges.\u201d<\/p>\n

However, due to the impractical nature of his plans, investors soon suffered huge losses as customers who bought into his \u201cLending Program\u201d were paid based on the numbers of people they managed to convince into the scheme.<\/p>\n

An FBI agent, Eric B. Smith, in his official statement, opined that the scope of BitConnect operations shows the length fraudsters would go to defraud investors and also evade the law.<\/p>\n

In his words:<\/p>\n

“Today\u2019s indictment reiterates the FBI\u2019s commitment to identifying and addressing bad actors defrauding investors and sullying the ability of legitimate entrepreneurs to innovate within the emerging cryptocurrency space.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Three years after the official closure of BitConnect, an infamous crypto exchange platform, the United States authorities are still in the business of bringing the brains behind it to book for allegations leveled against them. DOJ indicts BitConnect founder According to available information, the company’s founder, Satish Kumbhani, has now officially been charged to court […]<\/p>\n","protected":false},"author":720,"featured_media":221738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60793,9836],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nFinally, U.S. authorities indict founder of $2 billion BitConnect fraud<\/title>\n<meta name=\"description\" content=\"Authorities in the United States have finally indicted the founder of the infamous crypto exchange, BitConnect.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finally, U.S. authorities indict founder of $2 billion BitConnect fraud\" \/>\n<meta property=\"og:description\" content=\"Authorities in the United States have finally indicted the founder of the infamous crypto exchange, BitConnect.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-26T12:15:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/justice.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/finally-u-s-authorities-indict-founder-of-2-billion-bitconnect-fraud\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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