California Man Pleads Guilty in $722 Million Crypto Fraud Plot

© Bloomberg Russia’s Largest Bitcoin Mine Turns Water Into Cash

(Bloomberg) — A California man pleaded guilty in a cryptocurrency mining scheme worth at least $722 million, federal prosceutors announced.

Joseph Frank Abel, of Camarillo, admitted he conspired to offer and sell unregistered securities and subscribed to a false tax return, U.S. Attorney Craig Carpenito said in a statement Thursday.

Abel, 50, was part of the BitClub Network, which solicited money from investors in exchange for shares in purported cryptocurrency mining pools and rewarded them for recruiting new investors, according to prosecutors.

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