US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison

US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison


The U.S. has sentenced a Los Angeles man to 38 months in federal prison for his role in the $3.4 billion Bitconnect crypto Ponzi scheme. He admitted to earning no less than $24 million from the scam, all of which will now be “repaid to investors in restitution or forfeited to the government,” the Department of Justice (DOJ) explained.

US Bitconnect Promoter Sentenced to 38 Months in Prison

The U.S. Department of Justice (DOJ) announced Friday that a Los Angeles man has been sentenced to “38­ months in prison for his participation in Bitconnect.” The DOJ described Bitconnect as “a massive fraudulent cryptocurrency investment scheme.”

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Glenn Arcaro, 44, conspired with others to exploit investor interest in cryptocurrency by fraudulently marketing Bitconnect’s proprietary coin offering and

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