Glenn Arcaro
BitConnect's lead U.S. promoter ('national promoter'). He pleaded guilty in 2021 to conspiracy to commit wire fraud — admitting he earned at least $24M — and was sentenced in 2022 to 38 months in prison.
Also known as: Glenn Arcaro
Bio
Glenn Arcaro served as BitConnect's U.S. "national promoter" (2017–2018), managing a network of promoters and marketing its "Lending Program" and the purported "BitConnect Trading Bot"/"Volatility Software" as a guaranteed-return investment. The DOJ called BitConnect the largest cryptocurrency fraud ever charged criminally (~$2.4B). [1][2]
Legal outcome
Arcaro pleaded guilty to conspiracy to commit wire fraud in September 2021, admitting he earned at least $24 million from the scheme, and was sentenced on September 16, 2022 to 38 months in prison plus restitution/forfeiture. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
Evolved Apes (NFT)ProjectsAn NFT collection launched on OpenSea in September 2021 that promised a fighting game. About a week later its anonymous developer 'Evil Ape' vanished with 798 ETH (~$2.7M). In June 2024 U.S. prosecutors charged three U.K. nationals over the scheme.
This page was last updated on Jun 15, 2026. View revision history.