Six AirBit Club executives who were involved in the global cryptocurrency Ponzi scheme have admitted to their role in the international fraud and money laundering conspiracy, which according to the prosecution, scammed victims out of a total of $100 million.
On Wednesday, Pablo Renato Rodriguez, one of the AirBit Club founders, entered a guilty plea. After being extradited to the United States from his home nation of Panama in November 2020, co-founder Gutemberg Dos Santos entered a guilty plea in October 2021.
Cecilia Millan, Karina Chairez, and Jackie Aguilar were the three promoters who entered guilty pleas earlier this year. On March 2, Scott Hughes, a lawyer who aided Rodriguez and Dos Santos in money laundering, entered a guilty plea.
Scott Hughes, the lawyer who laundered AirBit Club fraud earnings for the co-founders, will be sentenced on August 9, 2023. The AirBit Club organizers’ judgment will be handled by United States District Judge George B. Daniels on June 28, July 25, and June 27.
Santos, Hughes, Milan, Chairez, and Aguilar hosted extravagant expos and intimate community presentations while touring the US, Latin America, Asia, and Eastern Europe to persuade individuals to join the AirBit Club.
Additionally, the promoters would grant newly enrolled members access to their online portals where they could view their fictitious gains. However, no actual exploitation was happening for the benefit of investors; therefore, these gains were fake.
All victims who raised complaints regarding refunds and withdrawals faced excuses, delays, and hidden costs equal to more than 50% of the victim’s requests.
The entire team has admitted to guilt to charges related to bank fraud conspiracy, which carries a maximum potential sentence of 30 years in prison, money laundering conspiracy, which carries a maximum possible sentence of 20 years in prison, and wire fraud conspiracy. Thus, the scammers might spend up to 70 years in prison.
AirBit Club is an extensive cryptocurrency business built on an affiliate. The significant objective of the AirBit Club is to provide cutting-edge technology utilizing novel tools to ensure that trading potential is maximized and hence improve bitcoin payouts to all affiliates.
The alleged objective of this business is to give investors the chance to increase their Bitcoin earnings.
AirBit is a business opportunity centered on bitcoin investments. They work with cryptocurrencies and mining to support the opportunity and the commissions. Gutenberg dos Santos and Renato Rodriquez established AirBitClub in 2015.
It uses a multi-level marketing (MLM) compensation structure despite not being an MLM organization. Before funding AirBit Club, the founders were involved in similar business concepts, thus, they have experience running these kinds of platforms.
Although AirBit club does not have any physical products, they do say that cryptocurrency is their digital product and that it can be used and exchanged like any other form of money.
There are no retail items available for purchase there. Yet, they have resources available to subscribers for market-based bitcoin trading.
As a member, you will essentially trade different cryptocurrencies like Bitcoin and trade them on the market. Also, the market functions by allowing you to make profits and commissions by buying low and selling high.
According to reports, everything regarding the AirBit Club seems illegal and fraudulent, pointing out that this business is a scam.
It operates on a Ponzi scheme, which is against the law; in fact, the legal system has already issued warnings to avoid these kinds of business scams. Having said that, public warnings have already been made against them in several countries.
Also Read:- Mutant Ape Characters Enlisted As Villains In Web3 Game ‘The Glimmering’
There is something seriously unethical about how the schemes operate. The business is not yet accredited by the Better Business Bureau (BBB).
AirBit Club is a Ponzi scheme which is a fraudulent and unethical scheme. It has already reported many cases of scams by the victims who didn’t get the payment from the business.
It is also a pyramid scheme as there is no tangible good or service involved. They have also given recruitment more attention. Instead of sales, there is an income opportunity.
There isn’t enough information known about the listed owners, Gutemberg dos Santos and Renato Rodriguez, on the theAirBit Club website. Even the location of the business and other crucial details demonstrating its validity are hidden from view. Making claims that it’s fraud more obvious.
AirBit is more likely a scammer; thus, you should keep away from such businesses for your financial stability.
It functions as a Ponzi scheme, which is unethical in every sense. One has to pay a high price to be a part of the AirBit Club. There is no physical product offered by this business, so you’ll be probably wasting your money on this.
So, the executive members of the business have admitted their involvement in this business you should watch out for such scammers.
Read More:- Vitalik Buterin NFT Collection Generates $7.3M In Trading Volume
