Alleged promoter of BitConnect crypto pyramid on trial in Australia The Australian Securities and Investments Commission (ASIC) has indicted John Bigatton, who is linked to promoting the BitConnect cryptocurrency fraud scheme.

Alleged promoter of BitConnect crypto pyramid on trial in Australia

The Australian Securities and Investments Commission (ASIC) indicted John Bigatton for promoting the BitConnect cryptocurrency scam.

Bigatton is accused of servicing an unregistered investment proposal, providing financial services without a license, and disseminating false statements aimed at defrauding market participants.

In total, Bigatton is charged with six episodes, for which a prison term of 2 to 10 years is provided, as well as fines totaling $ 58,500. In addition, in September, the regulator banned Bigatton from providing financial services for 7 years.

According to the prosecution, Bigatton was promoting the BitConnect pyramid until the moment of its collapse in early 2018. ASIC notes that at its peak in December 2017, the project capitalization reached $ 2.5 billion.

BitConnect was promoted as a crypto lending platform, but in reality used a multi-level marketing scheme and attracted investors with promises of unusually high returns..

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