BitConnect victims will receive $17 million in restitution money, according to an announcement from the U.S. Department of Justice (DOJ) on Jan. 12.
That statement indicates that a federal court in San Diego, California has ordered said funds to be delivered to 800 individuals in 40 countries.
BitConnect was widely recognized as Ponzi scheme, both publicly and in legal proceedings. Its associates have been charged and found guilty of various allegations: BitConnect founder Satish Kumbhani was indicted in February 2022, while lead U.S. promoter Glenn Arcaro pled guilty in September 2021. Additionally, both were sued by the U.S. Securities and Exchange Commission in September 2021.
BitConnect was in operation between 2016 and 2018. The value of the project’s associated crypto token collapsed shortly after the project shut down.
Various jurisdictions including the U.K., Texas, and North Carolina took action to restrict Bitconnect’s operations at an early date. However, the project’s
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