US DOJ Charges Block Bits Founder for $1M Crypto Investment Fraud

DOJ Indicts Block Bits Founder

Block Bits Fund was founded in 2017 during the ICO era. The company presented itself as a fund dedicated to cryptocurrencies, Initial Coin Offerings (ICOs), and blockchain technology. It promised investors high returns from the profit it supposedly generated by leveraging price discrepancies between digital currencies on different crypto exchanges.

Block Bits Investors Lost Over $500,000

In August 2017, Dillman emailed investors that the arbitrage autotrader was being tested and would be launched a week later, but again, the information provided was false.

Not the First

Meanwhile, Dillman is not the first to face charges from US prosecutors for operating a fraudulent crypto scheme.

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