May not be foundThe US Securities and Exchange Commission (SEC) is unaware of the whereabouts of Satish Kumbhani, the founder of cryptocurrency trading platform BitConnect, who was accused last week of defrauding investors of $2.4 billion.DiscussThe US Department of Justice charges Kumbhani with a number of crimes, including conspiracy to commit fraud, conspiracy to manipulate the price of goods, and conspiracy to commit international money laundering.
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“Kumbhani’s whereabouts remain unknown and the Commission cannot say when its efforts to locate him will succeed, if at all,” the SEC wrote in a statement.
First founded in 2016, BitConnect gained a lot of attention on social media with its “Lending Program”, which allowed users to lend their Bitcoins in exchange for Bitconnect's own cryptocurrency. The program claimed to be able to guarantee returns by using investor money to trade the volatility of the cryptocurrency markets.
Source: Engadget