[ad_1]
The US Department of Justice (DOJ) plans to sell $ 56 million worth of Bitcoin that was seized during the investigation into the cryptocurrency investment program BtiConnect.
The BitConnect program is considered the biggest cryptocurrency fraud ever to be criminally charged, and Glenn Arcaro was the man. This “manual Ponzi scheme” promised investors large profits and guaranteed returns by trading on the volatility of the cryptocurrency markets. In reality, BitConnect’s early investors were paid with money collected from new investors while Arcaro earned $ 24 million in commissions and other payments.
As CNBC reports, the scheme defrauded investors of around $ 2 billion in Bitcoin in a year starting in January 2017. The cryptocurrency was eventually seized from 20 digital wallets under Arcaro’s control, who has since pleaded guilty to conspiracy and wire fraud. He now faces a prison sentence of up to 20 years.
Recommended by our editors
The DOJ wants the proceeds from the sale of Bitcoin to go to the victims of this fraud. A website has been set up where a questionnaire for victims and a complaint form are available. In the end, additional information may be requested in order to justify the claims and ultimately help victims get at least some of their money back.
Get our best stories!
Sign up for What’s New Now to get our best stories delivered to your inbox every morning.
This newsletter may contain advertising, offers or affiliate links. Signing up for a newsletter indicates your consent to our terms of use and privacy policy. You can unsubscribe from newsletters at any time.
|
Sources 2/ https://www.pcmag.com/news/us-department-of-justice-is-selling-56m-worth-of-bitcoin The mention sources can contact us to remove/changing this article |
[ad_2]