- The U.S. has sentenced a Los Angeles man to 38 months in federal prison for his role in the $3.4 billion Bitconnect crypto Ponzi scheme.
- Arcaro transmitted the proceeds that he earned from the Bitconnect scheme to offshore accounts, changed some of the proceeds into precious metals storage, and obtained foreign passports.
- The Justice Department noted that his goal was to avoid paying federal and state income taxes on his Bitconnect income and to shield his assets from collection by the Internal Revenue Service (IRS).
US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison
