More than 800 Bitconnect Victims from 40 Countries Set to Receive $17 Million in Compensation

The group of victims of the BitConnect fraud project will receive compensation. After the court ordered them to receive $17 million in compensation.

US District Court for the Southern District of California An order to pay damages for the project was issued on January 12, according torevealOn the same day the Department of Justice (DOJ)

Approximately 800 victims of the program from 40 countries will be able to receive a modest compensation of $17 million, meaning the return of property or monetary damages to their rightful owners.

The DOJ statement noted that Bitconnect, a crypto lending platform, claims to have proprietary technologies including “Bitconnect Trading Bot” and “Volatility Software” that guarantee returns to investors an average daily compounded interest of 1% or 3,700. % per year

However, all platforms become just It was known as a “pyramid scheme” and collapsed in 2018 after taking over $2.4 billion from 4,000 people from 95 countries.

Bitconnect founder Satish Kumbhani was charged by the DOJ in February. He is still under police investigation in India and his whereabouts are currently unknown.

Top USA Bitconnect contributor Glenn Arcaro pleaded guilty to conspiracy to commit fraud in September 2021 and was ordered to return $24 million to investors.

According to the DOJ, Arcaro and others use 15% of Bitconnect investor money in the fund for the benefit of its owners and other backers.

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