The U.S. Department of Justice is about to drop the $722 million charges of encryption fraud against the founder of BitClub

On 11 July, the United States Department of Justice was considering the withdrawal of criminal charges against Matthew Goettsche, founder of BitClub, who allegedly operated an encrypted mining scheme and was suspected of defrauding investors for approximately $722 million between 2014 and 2019. Court documents indicate that counsel for Matthew Goettsche has written to Claire Cecchi, judge of the District Court of New Jersey, that the parties reached an agreement in principle to dismiss the case, but that time is still needed to finalize the specific provisions. Matthew Goettsche was indicted in December 2019 and was scheduled to stand trial in October this year on charges of telecommunications fraud, sale of unregistered securities and, if eventually withdrawn, would be one of the more significant changes in the history of encrypted regulatory enforcement in the United States。