US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud

US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud


The United States Department of Justice is planning to sell $56 million worth of cryptocurrency seized in connection with its case against Ponzi scheme BitConnect.

In a Tuesday announcement, the Justice Department said it would sell the seized crypto and hold the proceeds in U.S. dollars until it could use the funds to provide restitution to BitConnect victims. The U.S. government is currently holding the $56 million in crypto in wallets, and said the amount of compensation to those affected by BitConnect’s fraud would depend on a “future restitution order by the court at sentencing.”

“This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date,” said the Justice Department, indicating that BitConnect was the largest cryptocurrency fraud scheme in the

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