A new Bitcoin phenomenon has caught the attention of the community in recent months. It’s a project called BitClub Network. As its name suggests, this is a club that capitalizes on Bitcoin’s reputation.

What is BitClub Network?

BitClub Network is a project that works for the benefit of participating members, helping investors make money with Bitcoin. Members have exclusive access to BitClub Network mining projects and other Bitcoin search opportunities. For about $99, you will be a lifetime member of this project. After joining you can get part of their Bitcoin mining benefits. So by getting the Bitcoins they mine, you will have a significantly more total Bitcoin later than if you just bought some Bitcoin and kept it.

Besides, they said they are creating a currency that benefits members. The beauty of BitClub is that it’s a completely passive investment, so once you join and pay, you don’t need to do anything extra.

Is BitClub Network a Ponzi Project?

First, we checked who registered the domain bitclubnetwork.com. However, this domain name has appeared many suspicious signs. When we continued to search and went to the About Company page, we could not find anyone running the website. The only information available is: Any person or entity that does not own BitClub. It’s a group of professionals, entrepreneurs, network marketers and programmers who have teamed up to launch a simple business around a very complex industry.

Just some information like this is enough to confirm: “It’s a scam!”. However, there don’t seem to be many skeptical investors on the matter.

After much searching, we were unable to find an individual who is believed to have controlled the BitClub Network. We could only see a lot of marketers and promoters but no founders. Even BitClub Network hosted 2 webinars, but for some reason the webinar host didn’t bother to introduce himself.

Also, it appears that this project is not yet registered with the SEC and, therefore, does not operate in the US – which is something to consider. Read more about BitClub Network on the forums, AZCoin News discovered a lot of funny details.

As you can see, Victor Diaz is quite satisfied with his investment in BCN. But apparently Victor’s real name is Ali Ansari, who was convicted of rape in 2013.

Furthermore, it seems that BitClub Network does not have a privacy policy or terms of use on the website. Every legitimate company has this information on their website. The main reason for not having such information could be websites asking you for identifying information.

Follow AZCoin News, US authorities arrested 3 men related to BitClub Network on suspicion of high profit Bitcoin fraud and made $722 million. Includes: Matthew Brent Goettsche (37 years old) of North America, Colorado; Jobadiah Sinclair Week (age 38) in Arvada, Colorado; Joseph Frank Abel (49 years old) in Camarillo, California. They face up to 25 years in prison.

They were indicted in New Jersey for running a business called BitClub Network that aimed to defraud investors worldwide by promising ‘fat’ income from a cryptocurrency mining pool. Prosecutors said the profits were fake and the entire operation was a high-tech Ponzi scheme.

Conclude

As of December 20, BitClub Network co-founder Russ Medlin is still on the run from the authorities. Since DOJ objected to this project on 11/12/2019, we can officially confirm that BitClub Network is a Ponzi, even this Ponzi is worth $722 million.

At that time, the three defendants indicted were Matthew Goettsche, Jobadiah Weeks and Joseph Abel. Two other defendants are still in custody. Meanwhile, people believe that the co-founder of BitClub Network is Russ Medlin.

The last time people still saw Russ Medlin was when he was still hoping to restart his Ponzi Crypto Societi.

On December 20, the New Jersey District Court settled the case against BitClub Network and its operators. However, the initial arrest warrant and indictment have not been released and are still being sealed. Accordingly, they confirmed that Medlin was on the run.

Crypto Societi is currently being promoted across Africa. Russ Medlin’s current condition and whereabouts are unknown.

Minh Anh

According to AZCoin News

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