back to article Cryptocoin Ponzi scheme AirBit Club co-founder jailed

The co-founder of AirBit Club, a $100 million cryptocurrency Ponzi scheme, will spend a dozen years behind bars for orchestrating the international fraud and money-laundering scheme. On Tuesday, 40-year-old Pablo Renato Rodriguez of Irvine, California, was sentenced to 12 years in prison for his role in the scam. The judge …

  1. simonlb Silver badge
    FAIL

    Yep, definitely a Ponzi scheme

    co-founded AirBit Club in late 2015, marketing it as a cryptocurrency multi-level marketing opportunity

    MLM's are by definition, a ponzi scheme.

    Seriously, if you have any spare money that's burning a hole in your pocket and that you are hell bent on getting rid of investing, just go to a casino and play on the roulette table until your either flat broke or bored. Or burn it. Or chuck it in my direction, I'm sure I can find a use for it.

    1. fpx

      Roulette table

      Give me your money, I offer a guaranteed 90% ROI, way better than any casino or lottery!

  2. Winkypop Silver badge
    Facepalm

    MLM + Ponzi

    Just add some “AI” and you have the holy trinity of modern scams.

  3. ComputerSays_noAbsolutelyNo Silver badge
    Trollface

    C'mon, it was in the name ...

    AirBit

    ... what better name could one find for such a thing?

  4. Howard Sway Silver badge

    "This smells suspicious to me", the person wrote in an email

    As they'll possibly get some tiny bit of compensation from the recovered loot, it could have been worse. They might have invested in an actual cryptocurrency scheme and got absolutely nothing back when it collapsed. The scammers were actually looking after their money better by spending it on some stuff.

    But masses of people still believe that their are some crypto schemes that aren't a scam : there was a fantastic documentary on the BBC a few days ago about the FTX collapse, and I think it said that there's about $13 trillion invested in them worldwide.

  5. Flak
    Megaphone

    Investing in Crypto

    Can we all please stop referring to this as an investment?

    1. MiguelC Silver badge
      Trollface

      Re: Investing in Crypto

      Cryptocoin Ponzi scheme, but I repeat myself

  6. Anonymous Coward
    Anonymous Coward

    What is a "website removal service" and how does it work?

    1. Anonymous Coward
      Anonymous Coward

      DDos as a service?

      1. Anonymous Coward
        Anonymous Coward

        It really sounds like it, doesn't it?

    2. Anonymous Coward
      Anonymous Coward

      How much does it cost to rent a digger and operator?

  7. HMcG

    <Cryptocoin Ponzi scheme

    Now there's a tautology, if ever I heard one.

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