{"id":9105,"date":"2021-09-01T22:56:37","date_gmt":"2021-09-01T21:56:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9105"},"modified":"2021-09-01T22:56:46","modified_gmt":"2021-09-01T21:56:46","slug":"bitconnect-founder-faces-a-lawsuit-from-the-sec","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitconnect-founder-faces-a-lawsuit-from-the-sec\/","title":{"rendered":"BitConnect founder faces a lawsuit from the SEC"},"content":{"rendered":"\n
The U.S. Securities and Exchange Commission has sued the founder of BitConnect <\/a>a well-known bitcoin Ponzi scheme that operated between 2016 and 2018, according to a new legal filing.<\/h5>\n\n\n\n
\"BitConnect<\/figure>\n\n\n\n

BitConnect founder Satish Kumbhani, an Indian citizen whose current location is unknown, is the target of today's SEC filing. It also goes after BitConnect promoter Glenn Arcano, a Californian who is a US citizen.<\/p>\n\n\n\n

The plan was described as a “fraudulent organization” that “ultimately succeeded\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in acquiring more than 325,000 Bitcoin, or nearly $2 billion, from investors worldwide,” according to the lawsuit. If the allegations are successful, it is unclear what penalties the operator and promoter may face.<\/p>\n\n\n\n

The SEC had already sued five BitConnect promoters in May, but that lawsuit did not include the company's founder.<\/p>\n\n\n\n

The SEC continues to regulate the crypto industry<\/h2>\n\n\n\n

The SEC is expanding its regulatory authority over the crypto sector, according to today's report. Gary Gensler<\/a>, the chairman of the Securities and Exchange Commission, has recently stated that the agency wants to regulate DeFi platforms and has urged for increased regulation of crypto in general.<\/p>\n\n\n\n

In recent months, the SEC has reached agreements with numerous other crypto companies, including Poloniex, Coinschedule, Loci, and LBRY.<\/p>\n\n\n\n

In addition, the SEC is now involved in a legal battle with XRP<\/a> issuer Ripple, which is attempting to defeat the regulator in court.<\/p>\n\n\n\n

The charges leveled against those individuals range from brazen fraud to unregistered securities activities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission has sued the founder of BitConnect a well-known bitcoin Ponzi scheme that operated between 2016 and 2018, according to a new legal filing. BitConnect founder Satish Kumbhani, an Indian citizen whose current location is unknown, is the target of today’s SEC filing. It also goes after BitConnect promoter Glenn […]<\/p>\n","protected":false},"author":12,"featured_media":9106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4196,1727,143],"class_list":["post-9105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitconnect","tag-lawsuit","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/BitConnect-founder-faces-a-lawsuit-from-the-SEC-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9105"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9106"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}