The co-founder and six senior executives of Airbit Club admitted the crime of fraud
It is reported that six senior executives of Airbit Club, the global cryptocurrency Ponzi scheme, have admitted their role in the global fraud and money laundering scheme. The prosecutor said that the scheme defrauded victims of a total of $100 million. Pablo Renato Rodriguez, one of the co-founders of Airbit Club, pleaded guilty on Wednesday. The co-founder Gutenberg Dos Santos pleaded guilty in October 2021 after being extradited to the United States from his native Panama in November 2020. Three sponsors, Cecilia Millan, Karina Chairez and Jackie Aguilar, pleaded guilty earlier this year. Scott Hughes, a lawyer who helped Rodriguez and Dos Santos launder money, pleaded guilty on March 2.
Interpretation of this information:
The recent news report reveals that six high-level executives of Airbit Club, a global cryptocurrency Ponzi scheme, have owned up to their involvement in defrauding victims of a total of $100 million through a global fraud and money laundering scheme. Among the co-founders, Pablo Renato Rodriguez, pleaded guilty on Wednesday, while Gutenberg Dos Santos had already admitted his role in October 2021, after being extradited from Panama to the US in November 2020. Along with them, three sponsors were also found guilty, namely Cecilia Millan, Karina Chairez, and Jackie Aguilar, earlier this year. One of the lawyers, Scott Hughes, who aided Rodriguez and Dos Santos in laundering money, also pleaded guilty on March 2.
The case provides a glimpse of the catastrophic impact of cryptocurrency Ponzi schemes on unsuspecting investors, who are lured in with the promise of huge profits, but are eventually left with nothing. Also, it reveals the extent of fraudulent activities that can be carried out in the name of cryptocurrencies due to their anonymity and lack of regulation. The six executives who have admitted their involvement in the scam are now looking at severe legal consequences, possibly long-term imprisonment and hefty fines, for their misdeeds.
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