2 Colorado men indicted in $722 million cryptocurrency scam, victims sought


(Photo: MGN Online)

NEWARK, N.J. — Three men who ran a cryptocurrency mining scheme that took in some $722 million have been charged with fraud conspiracy.

The U.S. attorney’s office says Matthew Brent Goettsche, 37, of Lafayette, Colorado, was arrested Tuesday in that state. Jobadiah Sinclair Weeks, 38 of Arvada, Colorado, was arrested in Florida.

Joseph Frank Abel of California was arrested there.

It’s unclear whether they have attorneys.

The men were indicted in New Jersey for allegedly running a business called BitClub Network that bilked investors around the world by promising good earnings from a cryptocurrency mining pool.

Prosecutors say the earnings were phony and the whole operation was a high-tech Ponzi scheme.

Two defendants remain at large and their identities remain under seal, according to the U.S. Attorney’s Office in New Jersey.

Anyone who believes they may be a victim may visit the website dedicate to this case or the Department of Justice’s large case website . There, victims can find more information about the case, including a questionnaire for victims to fill out and submit.

Read the full indictment here.