After three years and several memorable memes, the Securities and Exchange Commission announced that 5 people will be promoting the Bitconnect Ponzi system.

“The SEC complaint alleges that these organizers offered and sold securities without registering the offer with the Commission and without registering as brokers and dealers with the Commission, as required by federal securities laws,” the statement said.

Organizers including Travon Brown, Craig Grant, Ryan Mason and Michael Noble reportedly “touted the benefits of investing in the BitConnect lending program to potential investors, including creating ‘testimonial’ style videos and posting them to YouTube, sometimes by repeatedly. in a day “. In exchange for their marketing efforts, influencers and actors were paid commissions.

The release also called Joshua Jeppesen “the liaison between BitConnect and the promoters.”

Shortly after his release, Trayvon Brown (better known as Trayvon James) tweeted not denying the accusations and said that society would “bypass him.”

“We will strive to hold accountable those who illegally make money by taking advantage of public interest in digital assets,” Lara Shalov Mehraban, deputy regional director of the New York Regional Office of the Securities and Exchange Commission, said in a statement.

The company, which collapsed in 2018, has been accused of being a Ponzi scheme by several analysts and observers, including Ethereum co-founder Vitalik Buterin. Last year, the Australian was charged with fraud by the company. Many will be familiar with the project thanks to the legendary presentation of the investor Carlos Matos:

Several crypto lawyers took to Twitter to discuss the long-term implications of this case. Gabriel Shapiro notes that while the SEC is targeting a known Bitconnect scam, it could be a “conspiracy” to act against other DAOs.