Authorities in the US have arrested three men in connection with BitClub Network, a Bitcoin mining scheme that allegedly defrauded investors out of a staggering $722 million. According to a release issued by the US Department of Justice, Matthew Brent Goettsche and Jobadiah Sinclair Weeks — both from Colorado — have been charged with conspiracy to commit wire fraud. They’re also charged, alongside Joseph Frank Abel from California, with offering and selling unregistered securities. Goettsche reportedly told his conspirators that their target audience would be “dumb” investors. He also allegedly referred to them as “sheep,” and said he was “building this…

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