Three arrested in US for $722 million Bitcoin Ponzi scheme

Sina US Stocks News Beijing time on the 11th, the US Department of Justice announced on Tuesday that US authorities have arrested three men who are suspected of operating a Bitcoin "Ponzi scheme" worth $722 million.
The U.S. Department of Justice said this was a "high-tech Ponzi scheme" operated by the "BitClub Network". From April 2014 to December this year, the fraud gang used false Bitcoin mining income to attract unsuspecting investors, defrauded their investments, and rewarded them for recruiting new investors.
The U.S. Department of Justice said Matthew Brent Goettsche, a defendant in the case, called investors "morons" in communications with associates and said he "built this entire pattern on the backs of idiots."
The defendants “deployed sophisticated strategies to lure thousands of victims with promises of large returns on their investments in bitcoin mining pools,” prosecutors said. “The defendants made hundreds of millions of dollars over several years by recruiting new investors while squandering the victims’ money.”
The two defendants in this case, Goettsche and Jobadiah Sinclair Weeks, are from Colorado, USA, and the other defendant, Joseph Frank Abel, is from California.
The U.S. Department of Justice said two defendants in the case are still at large.