I would like your help to better understand what is going on here.
Have any of you heard of Joby Weeks?
I had personally never heard of him before, but @nostr:npub14u83wvldmgdn0vyrwxmecpjt4xlwvqc9m7h40ylvrjjlade7wjnsk5ym97 brought him to my attention recently.
Here's an article covering his situation :
https://cryptoinsidermag.com/one-man-against-the-system-the-joby-weeks-fight/
Some of the key take aways from the article are as follows,
- Charged with conspiracy to commit wire fraud and conspiracy to sell unregistered securities.
- Claims he was denied bail
- Subjected to 5 years house arrest
- Unlawful property seizure and due process violations
Apparently Weaks was involved in Bitclub. After a quick search of what Bitclub is, through ChatGPT, this is what I found;
"BitClub Network was a cryptocurrency mining-investment scheme that operated from 2014 to 2019 and was later shut down by U.S. federal authorities. It was widely described by prosecutors as a fraudulent, Ponzi-style operation disguised as a bitcoin mining pool.
Here’s the simple breakdown:
What BitClub Network Claimed to Be
BitClub told investors that:
They were buying “shares” in large bitcoin mining pools.
The pools generated real mining profits.
Members would earn daily returns from this mining.
Bringing in new members earned commissions (“network marketing”).
On the surface it looked like a combination of: crypto mining + MLM/referral marketing."
But according to the U.S. prosecutors Bitclub was actually doing the following;
"1. Fake or exaggerated mining returns
BitClub’s operators allegedly manipulated mining data, made up daily payouts, and lied about profits.
2. A $722 million fraud
More than $722 million was allegedly raised from investors around the world.
3. A Ponzi-style structure
New investor money was used to pay older members—classic Ponzi mechanics.
4. Unregistered securities
The “shares” being sold were not legally registered investment products.
5. Aggressive global recruiting
Promoters encouraged people to recruit others, creating a typical pyramid-style flow of funds."
I would like to know if any of you have followed this case. And I would like to know what your opinions are regarding Joby Weeks and Bitclub.
Was he running a Ponzi?
Is the U.S. government infringing on his rights?
Is this case being handled accordingly?
#asknostr