Joseph Frank Abel, better known as Joe, is one of the scammers behind the
BitClub Network
Ponzi scheme.

Late last year, Abel and four co-conspirators were
indicted on fraud charges
.

Following his arrest, earlier this year
Abel initially pled not guilty
.

As revealed in a
September 3rd DOJ press-release
, Abel has now entered a guilty plea to the charges.

According to the DOJ, BitClub Network was a $722 million dollar Ponzi scheme.

BitClub Network represented it generated ROI revenue through crypto mining.

The DOJ’s investigation confirmed this to be a lie.

As part of his plea deal, Abel (right) has

admitted taking money from investors in exchange for shares of the BitClub Network’s purported mining pools.

In order to promote shares in the BitClub Network’s mining pools, he created and posted videos to the internet and gave presentations and speeches about the BitClub Network throughout the United States and numerous other countries, including in Asia, Africa, and Europe.

As part of the conspiracy, Abel instructed investors in the United States to use a virtual private network, or “VPN,” to hide their U.S.-based IP addresses and evade detection and regulation by U.S. law enforcement.

Abel admitted failing to report on a Form 1040 United States Individual Income Tax Return for the tax year 2017 approximately $1 million in cryptocurrency as income he earned from his promotion of the BitClub Network.

Abel is facing up to five years in prison and a $250,000 fine for conspiracy to commit securities fraud. The tax fraud related crimes carry a penalty of up to three years and a $100,000 fine.

Abel is scheduled to be sentenced on January 27th, 2021.

So far two of the five BitClub Network indicted scammers have plead guilty. Abel joins programmer
Silviu Catalin
, who pled guilty back in July.

Co-defendants Matthew Goettsche, Jobadiah Weeks and Russ Medlin are still holding out.

Update 17th January 2021 – 
As per a January 4th case docket entry, Joe Abel’s sentencing has been rescheduled for July 15th.

Update 24th May 2021 – 
Joe Abel’s sentencing hearing has been rescheduled for August 19th.

No reason for the rescheduling is provided.

Update 28th August 2021 – 
Joe Abel’s sentencing has again rescheduled for September 22nd,
2022.

Again no reason for the this time lengthy extension has been provided.

Update 22nd August 2022 – 
Abel is
now scheduled to be sentenced
on March 21st,
2023
.

Update 23rd July 2024 – 
On July 17th Joe Abel’s sentencing was rescheduled for November 20th, 2024. No reason is provided.

Update 1st November 2024 – 
On October 15th Joe Abel’s sentencing was rescheduled for April 2nd, 2025. No reason is provided.

🤖 Quick Answer

Who is Joe Abel and what is his connection to BitClub Network?
Joseph Frank Abel is a perpetrator of the BitClub Network Ponzi scheme, a fraudulent cryptocurrency mining operation. He was indicted alongside four co-conspirators on fraud charges and has pleaded guilty to securities fraud after initially claiming innocence.

What was the scale of the BitClub Network fraud?
BitClub Network operated as a $722 million Ponzi scheme. The operation falsely claimed to generate return on investment through cryptocurrency mining activities, a representation the Department of Justice investigation determined to be fraudulent.

What were the specific charges against Joe Abel?
Abel admitted to taking money from investors in exchange for shares in BitClub Network's purported mining pools. He subsequently pleaded guilty to fraud charges related to his involvement in promoting and operating the scheme.

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