One of the promoters of crypto investment platform BitConnect, Glenn Arcaro, has been sentenced to just over three years in prison in San Diego. The news agency reports Gulf News. He is accused of being involved in the $2.4 billion BitConnect fraud.
Arcaro was the head of BitConnect’s North American business and was thus significantly involved in the global fraud on the part of the platform. The founder of BitConnects was already charged in March of this year.
The two had marketed BitConnect as a lucrative investment to the more than 4,500 defrauded customers of the trading platform and promised them profits. However, the whole thing turned out to be a pyramid scheme in January 2018. As a result, the BitConnect Coin (BCC) price imploded and also pulled the rest of the crypto market south with it.