cryptonews: A court in California has ordered $17 million in restitution to be paid to 800 victims who lost money in BitConnect.🧐
Given the scale of the damage that BitConnect caused, it's actually unclear why just 800 people will receive compensation — and how they'll be selected.The U.S. Justice Department has given an update after the top U.S-based promoter for BitConnect pleaded guilty to conspiracy to commit wire fraud. Glenn Arcaro admitted that he misled investors — and in a "textbook Ponzi scheme," paid earlier investors with proceeds from those who joined later.
According to Arcaro's plea, 15% of the money that was invested into BitConnect also "went directly into a slush fund to be used for the benefit of its owner and promoters." Proceedings remain active — many years after BitConnect spectacularly collapsed. The project's founder Satish Kumbhani has been indicted by a grand jury in California and charged with orchestrating the Ponzi scheme.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
800 victims of 'massive' Bitconnect fraud to receive $17M restitutionThe United States Department of Justice (DOJ) announced around 800 victims of the cryptocurrency-based Ponzi scheme Bitconnect will have $17 million in restitution distributed among them.
Read more »
BitConnect’s Victims to Receive $17M in Restitution Seized From Scam’s PromoterA California judge has ordered $17 million in funds seized from Bitconnect promoter Glenn Arcaro to be distributed to approximately 800 victims of the crypto Ponzi scheme. cheyenneligon reports
Read more »
Victims of $2.4B BitConnect Ponzi to Receive $17M in RestitutionThe US Department of Justice stated that BitConnect operated a 'textbook Ponzi scheme.'
Read more »
San Diego judge orders $17 million restitution payment in BitConnect pyramid schemeGlenn Arcaro, ordered to pay restitution, was top U.S. promoter of BitConnect; he's set to serve 3 years in prison for his role in $2.4 billion Ponzi scheme
Read more »
CRYPTO CROOKS: BitConnect Episode 1 – The Gujarati ConnectionListen to this episode from CoinDesk Podcast Network on Spotify. This week, we dig into the rise of BitConnect, the strange kidnapping case that ultimately helped unravel the scheme and an important Texas Securities Commission cease and desist order.'Crypto Crooks' is sponsored by Chainalysis.BitConnect investors were on top of the world. Their investments were going up, up and up. The BitConnect token was making inroads around the world. It was almost too good to be true.Or rather, it was too good to be true.In this first episode of “Crypto Crooks,” we go back to the beginning with Amitoj Singh, a CoinDesk regulatory reporter based in India, to look at the rise of BitConnect. We also tackle some of the crimes surrounding the company, including a vicious kidnapping, and the suspicions regulators quickly brought to BitConnect’s door. It was a glorious beginning … already ripe for a tragic end.Clips:BitConnect Interview with Mr.Satish, Dead End.Bitcoin swindle: the mystery behind John Bigatton's role in the BitConnect scheme | 7NEWS SpotlightBitConnect Annual Ceremony 2017 -Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, Web3 companies, financial institutions, and insurance and cybersecurity companies. Our data powers investigation, compliance, and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com.-“Crypto Crooks” is a CoinDesk Podcast Production. The executive producer is Jared Schwartz, with additional production by Eleanor Pahl, Rob Mitchell, Nora Battelle, Jonas Huck, and Moon Beast. Fact-checking is by Amber Von Schassen, and sound design and music are by Altus Noumena. This show is written and voiced by David Z. Morris.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info.
Read more »