Say it ain’t so! AirBit Execs Plead Guilty to Running the $100 Million Ponzi Scheme We All Knew Was Too Good to Be True

Well, who didn’t see this coming? Executives at AirBit Club (also sometimes known as AirBit) have pleaded guilty to running a $100 million Ponzi scheme!

Might as well have been called Bitcoin Bankruptcy

AirBit started as a “cryptocurrency trading platform” in 2017, with many believing it was just another way to make a quick buck. The top executives claimed to have developed a special algorithm that would allow anyone to make huge profits no matter what the market was like.

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Sadly, that algorithm was anything but special and ended up bilking victims out of millions of dollars. And just like any other Ponzi scheme, investors who wanted to jump in late were left out in the cold, even after forking over their hard-earned cash.

The Internet Lost Its Chill

Naturally, the news has caused quite a stir in the crypto community. Moments after the announcement, all sorts of people reacted, from serious commenters to tongue-in-cheek memes. Here are some of the gems we came across:

  • “AirBit? Yeah, I invested all of my grandmother’s belongings, who’s gonna pay me back?”
  • “Guess it was all too good to be true”
  • “Gotta say AirBit did that with more style than Bernie Madoff ever could”

The jokes will eventually fade away, though, and the AirBit executives will have to face the music. Reports say they plan on pleading guilty and expect to receive prison sentences.

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Time To Hockey Paper Trade

The lesson here is that nothing beats doing your own research before investing and looking for signs that might point to a scam. And, at least for now, you might want to spend your hard-earned money on something safer than crypto, like hockey cards.

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