AirBit Club execs face decades in prison after pleading guilty to $100M fraud
AirBit Clubwas a fake cryptocurrency mining and trading company operating between 2015 to 2020, where executives and promoters induced victim investors into believing that they’d make guaranteed passive income and profits on any membership purchased.
According to the DOJ, the perpetrators traveled throughout the United States, Latin America, Asia and Eastern Europe to market AirBit at “lavish expos” to convince investors to purchase AirBit Club memberships.
U.S. Attorney Damian Williams said the operators used funds from victims to purchase luxurious cars, houses and jewerly. Some of the proceeds were used to finance more expos to recruit more victims too:
The defendants took advantage of the growing hype around cryptocurrency to con unsuspecting victims around the world out of millions of dollars with false promises that their money was being invested in cryptocurrency trading and mining.
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