SEC Charges BitConnect on $2 Billion Fraud Scheme

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The U.S. Securities and Exchange Commission this week announced civil action against defunct cryptocurrency lending platform BitConnect; its founder, Satish Kumbhani; and its top U.S. promoter, Glenn Arcaro; for allegedly defrauding investors out of $2 billion. Experts say between this case and other fraudulent activity, cryptocurrency markets will face continued scrutiny around investor protections, fraud, security and more.

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