Silviu Catalin Balaci has confessed that he was one of the individuals behind BitClub Network, a crypto Ponzi scheme that siphoned at least $722 million worth of Bitcoin from its investors, according to the US Attorney's office for the District of New Jersey.
During a videoconference with US District Judge Claire Cecchi, Balaci, a 35 years old Romanian programmer who was arrested in Germany last December, confirmed that he engaged in "wire fraud and offering and selling unregistered securities in connection with his role in the BitClub Network.".
