Law and Legislation

U.S. Govt. Reveals Its Compensation Scheme For BitConnect Scam Affected Victims.

According to a news release released by the Department of Justice on November 16, the US government has obtained a $56 million fraudulent court-ordered anti-fraud actions against victims of the famed BitConnect Ponzi scam.

Authorities are still holding the seized cryptocurrency, which is a significant finding in the cryptocurrency-related fraud case in the United States.

Those who were involved in the con are urged to make a statement about the victims.

In early September, Glenn Arcaro, the founder of BitConnect and a “number one” promoter, pled guilty to conspiracy to commit telephone fraud.

The impostor might be sentenced to up to 20 years in jail. On January 7, 2022, he will be sentenced.

The Securities and Exchange Commission punished five BitConnect promoters for breaking securities rules, according to UTToday.

BitConnect, which was launched in early 2018, is accused of defrauding victims of over $2 billion.

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