BitConnect victims receive reimbursement of over $ 17 million from the snowball system-
BitConnect victims receive reimbursement of over $ 17 million from the snowball system-
>
More than $ 17 million in reimbursement are distributed among the investors of the BitConnect pyramid system in accordance with a court order in the United States. The notorious crypto investment program cheated thousands of people around the world.
BitConnect investors from dozens of countries receive millions of US dollars back
Around 800 victims from more than 40 countries that have lost money through Bitconnect will be reimbursed a total of over $ 17 million in compensation, the US Justice Ministry (DOJ) announced on Thursday, citing a decision of a Federal District Court in San Diego. The large-scale crypto investment program cheated thousands of investors worldwide.
The verdict comes after the top promoter from Bitconnect, the 44-year-old Glenn Arcaro, who was based on September 16, 2021, had guilty of the conspiracy for wire fraud. He admitted to marketed the initials from Bitconnect Coin offer and exchange of digital currencies as a lucrative investment with the aim of exploiting the interest of investors in cryptocurrencies.
Arcaro and his co-conspirators have misled investors about the “Lending Program” of Bitconnect and its allegedly proprietary “Bitconnect Trading Bot” and “Volatility Software” technologies, which, as they claim, could achieve guaranteed returns on the money of the investors that are used for the trade in crypto stock markets .
"In truth, however, Bitconnect has operated a snowball system from the textbook by paying former Bitconnect investors with money from later investors. Arcaro and his co-swords ensured that up to 15 % of the money invested in Bitconnect, which was used directly into a black cash register," explained that, "explained this," said this Doj.
Glenn Arcaro, a resident of Los Angeles, was sentenced for 38 months in the US federal prison in September 2022. He admitted to deserved at least $ 24 million with fraud. At that time, the doj pointed out that all this money would be repaid to investors or for the government. In November of the previous year, the Ministry of Justice by BitConnect lit Crypto-assets worth $ 56 million.
The founder of the cryptopyramid, the Indian citizen Satish Kumbhani, was accused on February 25, 2022 for his key role in organizing the 3.4 billion dollar fraud system. In August police in India Bitconnect and a search for his mastermind. In the event of a conviction in the United States, he threatens a maximum of 70 years in prison.
Do you believe that Bitconnect investors will receive further compensation for your losses from the snowball system? Tell us in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wikicommons