Australian court freezes assets of alleged Ponzi scheme promoter

An Australian federal court has frozen former BitConnect Director John Bigatton’s assets following a request by the Australian Securities and Investments Commission (ASIC), The Sydney Morning Herald reports. Bigatton is linked to the $US2.6 billion cryptocurrency Ponzi scheme that precipitated BitConnect's collapse last year.

As the international investigation continues, Bigatton has been placed under a travel ban. According to a class-action filed in Florida, BitConnect promoters promised investors returns of up to 40 per cent, claiming they would "turn a $US1,000 investment into a $US50 million return within three years."

But it’s not the end of controversies surrounding the former BitConnect director. Last spring, a few months after the BitConnect scandal broke, his wife went missing, although there is no suspicion Bigatton is involved in her disappearance. According to ASIC records, Madeline Bigatton was the sole director and shareholder of JB’s Investment Management—company, whose assets have been frozen due to their connection to Bigatton.