This $722M Bitcoin mining scam referred to its marks as ‘dumb’ investors and ‘sheep’

Reported today on TheNextWeb

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This $722M Bitcoin mining scam referred to its marks as 'dumb' investors and 'sheep'

Authorities in the US have arrested three men in connection with BitClub Network, a Bitcoin BTC mining scheme that allegedly defrauded investors out of a staggering $722 million.

According to a release issued by the US Department of Justice, Matthew Brent Goettsche and Jobadiah Sinclair Weeks - both from Colorado - have been charged with conspiracy to commit wire fraud.

They're also charged, alongside Joseph Frank Abel from California, with offering and selling unregistered securities.

Goettsche reportedly told his conspirators that their target audience would be "dumb" investors. He also allegedly referred to them as "sheep," and said he was "building this whole model on the backs of idiots."

In September 2017, he sent an email to another conspirator in which he suggested that BitClub Network "[d]rop mining earnings significantly starting now" so that he could "retire RAF!!! (rich as fuck)."

"The indictment describes the defendants' use of the complex world of cryptocurrency to take advantage of unsuspecting investors,

‘sheep’