Cryptocurrency BITCLUBNETWORK Collapse around The World

Myone888 on 15/01/2020 - 10:26

In late Dec2019 BitclubNetwork website came out with error 523. And was followed by articles on USA’s DOJ as follows:-
https://www.justice.gov/usao-nj/bitclub
A total of US722 million was scammed. Thus ‘members’ who have signed up virtually lost all their money.
Thus are there many Australians involved in this scam knows about it and if so is there any recourse to recoup money?

For your information Bitclub Network is supposedly a bitcoin mining club, where one buys shares into the mining scheme and get shared minuscule bitcoins in return. Returns are various amounts.

Financial

Comments

  • Diji1 on 15/01/2020 - 10:37
    +10

    So this has happened about 1000 times, how can people be so silly?

    • HighAndDry on 15/01/2020 - 10:45
      +2

      I agree with Diji1. That should say something about how seriously stupid these schemes are.

      • elgrande on 15/01/2020 - 11:03
        +3

        I agree. Where can I invest?

      • mskeggs on 15/01/2020 - 11:06
        +4

        Crikey, I agree too. Is this the first all three of us are on the same page!

      • Wystri Warrick on 15/01/2020 - 15:08
        +2

        HighAndDry agrees with Diji1?….

        Ok who are you and what have you done with HighAndDry?

  • [Deactivated] on 15/01/2020 - 10:40

    Yeah OK.

    "
    16 Dec 2019 · At the time, BitClub Network (BCN) was a near-billion-dollar company and Medlin, a convicted sex offender for child pornography and sexual assault of a minor under 14, sat at its head. Today, Medlin is one of the company’s only leaders not facing federal charges.
    "

    "
    Federal prosecutors said the defendants operated BitClub Network, a bogus investment scheme that they promoted as “the most transparent company in the history of the world” and “too big to fail.”
    "

    "
    The club’s marketing materials described the network as an almost surefire way to get rich, according to the indictment. In one video, a BitClub Network defendant promised club members that an investment of $3,599 could yield a return of $250,000 over three years, calling that a “very conservative” estimate, the indictment said.
    "

  • Myone888 on 15/01/2020 - 10:54

    Return of $250,000 is incredible! A very well thought out Ponzi scheme.

  • Bid Sniper on 15/01/2020 - 11:02
    +1

    But their model was the trapezoid

  • netjock on 15/01/2020 - 11:05
    -1

    LOL the problem with bitcoin isn't the coin in itself it is exchanges getting hacked and fake exchanges.

    At least if you invest in the share market usually there is an administrator / liquidator's report.

  • whooah1979 on 15/01/2020 - 11:19
    +1

    Don't invest money you're not willing to lose.

  • brendanm on 15/01/2020 - 11:22

    "Stupid people lose money". More at 7.

  • wannagrababargain on 15/01/2020 - 11:26

    A classic ponzi scheme. Just the right amount of credibility to suck people in.

  • EightImmortals on 15/01/2020 - 11:52

    Only 722 Mn?

    Amateurs.

    https://totalcrypto.io/bitconnect-scam/

  • Debuting on 15/01/2020 - 12:35

    These investors were most likely not scammed in the regular sense, but the investors knew what they were getting themselves into. A lot of gamblers in ponzi schemes bet on getting out before the pyramid falls. How many succeed? Who really knows…

    There is so much information these days out there about the schemes, including how to get money in and out cleanly. So, I doubt anyone actually didn't know what was going on. e.g. Which third party payment processor to use and so on.

  • markathome on 15/01/2020 - 13:19

    Wow! Sounds like this Russ Medlin might be the "identity…under seal".

    https://www.thedailybeast.com/bitclub-network-and-the-bitcoi…

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