BitClub

Ponzi

Estimated loss

$722.00M

VERDICT —UNRATED

Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.

▰ METHOD

Undisclosed

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

From April 2014 to December 2019, the BitClub network was a fraudulent scheme that solicited funds from investors in exchange for stakes in so-called cryptocurrency mining pools and rewarded their investments, according to an announcement issued by the U.S. Attorney's Office in New Jersey. to recruit new investors into the program. Over the five-year period of the program, BitClub defrauded investors of at least $722 million in bitcoin. Attack method (per SlowMist): Ponzi. Reported loss: $ 722,000,000.

Primary source

https://www.justice.gov/usao-nj/pr/california-man-admits-securities-and-tax-offenses-related-722-million-bitclub-network ↗

Sourced from

slowmist

Technical record