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SEC Sues BitConnect and Founder, Alleging Massive Cryptocurrency Scam of World-Wide Investors.

WASHINGTON—Regulators on Wednesday sued an offshore company that allegedly conducted one of the biggest scams ever involving cryptocurrencies.

The Securities and Exchange Commission accused BitConnect and its founder, Satish Kumbhani, of a $2 billion fraud that misused bitcoin raised from investors world-wide. An American promoter for the scheme, Glenn Arcaro, pleaded guilty in federal criminal court over his role in fleecing U.S. investors.