At present, the trading price for ARbit is $0.828652 USD, and its 24-hour trading volume is $672,128 USD. Over the past day, there has been a slight increase of 0.02% in ARbit’s value.

ARbit is currently ranked #2293 on CoinMarketCap, and its market cap is not currently available. The circulating supply and max supply information is also not available at this time.

Pablo Renato Rodriguez, a co-founder of ARbit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels.

According to the US Department of Justice (DOJ), Rodriguez and his co-conspirators were responsible for a worldwide pyramid scheme that deceived investors into investing millions of dollars in cryptocurrency trading and mining profits with false promises.

The co-founder of ARbit has been found guilty in a $100 million cryptocurrency fraud case.

The Department of Justice investigated a scheme that allegedly deceived inexperienced investors with promises of high returns through buying memberships. However, the funds were diverted for personal gain, and a money laundering operation was used to hide the illicit profits.

Rodriguez’s co-defendants, Gutemberg Dos Santos, Scott Hughes, Cecilia Millan, and Karina Chairez, have already pleaded guilty and are waiting for sentencing. The court has ordered the forfeiture of fraudulent proceeds, including $100 million worth of US currency, Bitcoin (BTC), and real estate.

US Attorney Damian Williams condemned Rodriguez’s exploitation of cryptocurrency for fraudulent purposes and highlighted the significance of this case in preventing potential fraudsters from making false promises of profitable cryptocurrency investments.

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Protecting Yourself from Fraudulent Ventures Identifying a Disturbing Trend

In 2015, Rodriguez and Dos Santos founded AirBit Club and promoted it as a multilevel marketing club in the cryptocurrency industry. They organized expos globally and misled investors with promises of high returns.

However, when victims attempted to withdraw funds, they encountered excuses, delays, and hidden fees. The founders utilized the money they acquired through fraud to finance more expos and purchase luxury items.

ARB/USD Price Chart – Source: Tradingview

Furthermore, they had a network of domestic and foreign bank accounts to drain funds. Scott Hughes, who managed Rodriguez’s attorney trust account, played a significant role in concealing the proceeds of the scheme.

Before AirBit Club, the duo was involved in a pyramid investment scheme named Vizinova, which resulted in a legal battle with the SEC. Hughes, who represented Rodriguez and Dos Santos in the Vizinova case, subsequently assisted them in removing unfavourable information about both schemes from the internet.

With Rodriguez’s sentencing, justice has been served to one of the primary wrongdoers responsible for defrauding numerous victims through AirBit Club.

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