The US markets watchdog on Wednesday sued an online cryptocurrency lending company and its top executives over allegations of fraudulently raising US$2bil (RM8.32bil) in investments. The complaint says the defendants claimed the company's "proprietary 'volatility software trading bot'" would "generate exorbitantly high returns" on investors' money. But the SEC has charged that, in fact, investors' funds were siphoned off and transferred into digital wallets controlled by the defendants. Arcaro, the leading promoter of the lending program in the United States, has been accused of establishing the firm Future Money to "lure investors." The SEC filed a related civil suit in May against five other BitConnect promoters and has settled with two of the defendants.
