California Man Pleads Guilty in $722 Million Cryptocurrency Scheme

A California man pleaded guilty to a cryptocurrency mining fraud of at least $722 million that prosecutors said amounted to a “high-tech Ponzi scheme.” Joseph Frank Abel, of Camarillo, admitted he conspired to offer and sell unregistered securities and subscribed to a false tax return as part of the BitClub Network, the U.S. said in a statement.

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