A Los Angeles man pleaded guilty Wednesday to participating in what prosecutors called a "textbook Ponzi scheme" that defrauded cryptocurrency investors worldwide of more than $2 billion.
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Prosecutors said Glenn Arcaro, 44, sat atop the North American branch of the pyramid investment scheme BitConnect, the San Diego Union-Tribune reported.
Arcaro, who pleaded guilty in US District Court to conspiracy to commit wire fraud, admitted in his plea agreement to earning "no less than $24 million from the BitConnect fraud conspiracy," the newspaper said.
As part of his plea, Arcaro must pay back that money to investors. He faces up to 20 years in prison when he is sentenced Nov. 15.
"The BitConnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally," the US Attorney's Office said in a statement.
