US authorities charged the perpetrators behind the global crypto ponzi scheme AirBit Club with fraud and money laundering. That became clear from an announcement issued by the US Department of Justice. The defendants have allegedly scammed victims all over the world out of tens of millions of USD. They were arrested in Panama and will likely be extradited to the US. According to information released by the authorities, AirBit Club solicited investors to subscribe to their investment packages by promising guaranteed daily returns from cryptocurrency mining and trading. The money they received was supposedly used for cryptocurrency mining equipment and for affiliates. If members of the scam referred other people to AirBit Club, they got commissions. That is your typical Ponzi scheme, really. Unsurprisingly, no crypto mining or trading ever took place. Funds invested by victims were used for the purchase of luxury goods, real estate and fancy presentations to lure in more victims of the scam. This is about as cliched as they come but people keep falling for the same lies over and over again.