SEC Files Fraud Suit Against Founder of Cryptocurrency Exchange BitConnect

The top U.S. securities regulator sued the founder of the now-defunct cryptocurrency exchange platform BitConnect over his alleged role in fraudulently raising about $2 billion from thousands of retail investors. Expanding a civil case announced in May, the U.S. Securities and Exchange Commission charged BitConnect founder Satish Kumbhani, an Indian citizen, with lying about BitConnect's ability to generate profits, and violating registration laws meant to protect investors.

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