this post was submitted on 14 Aug 2023
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Defraud rich people? Go to jail.
Defraud the rest of us? Get promoted to CEO.
That was his real crime. He stole rich people money. Where's the CEO of bitconnect? Not in jail, I can tell you that.
Glenn Arcaro was sentenced to 38 months in September 2022
What did he do?
Bitconnect was a crypto ponzi scheme
He didn't defraud the rich lol. The exchange was one of the most popular among cryptocurrency users. There are no minimum and no sign up fees. The number of people he defrauded is probably in the millions.
If anything, knowing crypto, the rich almost certainly had insider knowledge and withdrew their funds before everything collapsed.
Big investors into his company got burned too.
Give me all your money! No no I'm not robbing you, I wanna be CEO and I need this on my resume.
Just cuz u asked like that—SOLD! You silver-tongue-sumbitch ;)
I believe the majority of investors into FTX were pretty much just regular people