United States Department of Justice planning to sell $56 million worth of cryptocurrency seized in connection with Ponzi BitConnect case
In the announcement on Tuesday Ministry of JusticesaidIt will sell the seized crypto to US dollars. Until the money can be used to indemnify the victims of BitConnect. Holds 56 million dollars of crypto in the wallet. and said the amount of compensation for those affected by BitConnect fraud will depend on “The court’s future indemnification order in the trial”
“This settlement is the largest recovery of fraud. cryptocurrency in the United States until now,” the Justice Department said.
The crypto assets are seized from Glenn Arcaro, the principal team at BitConnect, a fraudulent crypto lending project of around $2 billion. from thousands of investors
In September, Arcaro pleaded guilty to conspiracy to commit fraud, with the DOJ stating that “BitConnect is the largest form of cryptocurrency fraud in the United States. with a criminal prosecution.”
It is unclear whether the US government How to deal with the sale of this multi-million dollar cryptocurrency? Or how will it affect the price of major assets such as Bitcoin (BTC) and Ether (ETH)?
US Department of Justice to Sell Crypto Team BitConnect for $1.8 billion to compensate victims appeared first on Bitcoin Addict.