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Accomplice in Alleged $722M Bitcoin Ponzi Scheme Pleads Guilty to Charges

Published 07/10/2020, 05:22 AM
Updated 07/10/2020, 07:00 AM
Accomplice in Alleged $722M Bitcoin Ponzi Scheme Pleads Guilty to Charges

One of four men charged with defrauding investors of more than $722 million through a long-running cryptocurrency mining scheme has pleaded guilty to charges against him.

The man, a 35-year-old Romanian programmer called Silviu Catalin Bacali, was arrested in Germany in December 2019. He was charged with one count of conspiracy to commit wire fraud as well as a conspiracy to offer and sell unregistered securities. He faces a maximum of five years in prison and a fine of $250,000.

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