CoinDesk’s Nikhilesh De discusses the specifics and implications of the U.S. Securities and Exchange Commission (SEC) filing charges against BitConnect and its founder Satish Kumbhani and a U.S.-based promoter, Glenn Arcaro, alleging fraud worth $2 billion against the crypto lending company.
The U.S. Securities and Exchange Commission (SEC) filed charges against five individuals for their alleged involvement in the Bitconnect crypto platform that collapsed in 2018. According to the SEC’s complaint, Bitconnect unlawfully used a network of promoters to offer and sell over $2 billion in unregistered securities.
The SEC has filed a complaint against five Bitconnect promoters over $2 billion in unregistered assets. Lisa Braganca, attorney and former SEC branch chief, joins “First Mover” and explains the 2018 downfall of Bitconnect and whether the defendants’ actions constitute a Ponzi scheme.