In a small win for victims of the Bitconnect Ponzi scheme, several hundred investors will receive a share of $17 million almost four years after the scheme collapsed.
A group of crypto fraud victims of the BitConnect investment scheme will see some respite from the multi-billion dollar fraud scheme after a court ordered they receive a share in a $17 million restitution.
The United States District Court for the Southern District of California ordered the restitution for the “massive” scheme on Jan. 12 according to a800 victims of the scheme, hailing from 40 countries will be able to take a small slice of the $17 million restitution, a term that refers to returning property or monetary value of losses to the proper owner.
The DOJ statement noted that Bitconnect was a purported crypto lending platform that touted proprietary technology including the “Bitconnect Trading Bot” and “Volatility Software” that claimed would net investors guaranteed returns.Investors would trade in Bitcoin (
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