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Three charged with $722M cryptocurrency Ponzi scheme

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Three men were charged with running what officials called a "high-tech Ponzi scheme"

The cryptocurrency mining scheme bilked investors out of $722 million, according to federal officials.

Matthew Goettsche, 37, Jobadiah Weeks, 38, and Joseph Abel, 49, were arrested.

Federal prosecutors say that through their business called BitClub Network, the men sought investors to buy shares in their supposed cryptocurrency mining pool. Investors were awarded for recruiting others, according to the charges.

Read more from The Associated Press.


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