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Bitclub Network Ponzi worth $722M

Updated: Sep 9

One of the biggest heist and money laundry acts of all time is next to Plus Token, Avalon Life, One Coin, Avalon Life

the well-known Bitclub Network. The chief operator Russ has already sentenced to prison a couple of weeks ago.


A California man has confessed to his involvement with the BitClub Network, a Ponzi scheme worth at least $722 million, according to an Internal Revenue Service (IRS) announcement released Thursday. 

According to the announcement, Joseph Frank Abel admitted to offering and selling unregistered securities in connection with the scheme. Abel pled guilty by video call before the U.S. District Judge Clair C. Cecchi. Abel also pled guilty to a separate charge that involved him subscribing to a false tax return in 2017. 


Abel is facing 5 years and a fine of $250,000. Read the full story here.

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