Victims Of Crypto Fraud To Receive $17 Million

[{"selector":"#anim-3ae2c875-69b5-47b9-b086-95ae8798fc3e","keyframes":{"transform":["translate3d(-446.15382%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-8f8b661d-06a9-41ff-bd47-538b86af602a","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] January 13, 2023

As per the US Department of Justice release, BitConnect victims will receive money as the compensation fund.

[{"selector":"#anim-133bd293-f0ad-44f5-a8be-f9cb2150bf49","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bcf9c93f-1b40-4417-8e8b-f78640d78e0c","keyframes":{"transform":["translate3d(-114.8265%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1dc19d81-1dad-4edd-a992-b44b25e3b778","keyframes":{"transform":["translate3d(109.84127%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c5964ec5-902c-4190-a2cd-d55f19b0d091","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-966d5359-aae4-43df-aaba-7660d16da101","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

[{"selector":"#anim-5c4737d4-e65f-415c-ab28-a18f82d71daf","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c1a77e69-e5e6-451d-b699-c9ef9cb1de65","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-382679ce-1bae-4989-ac97-8b928e782227","keyframes":{"transform":["translate3d(121.45328%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9264a269-4584-4abe-bcda-159abe68ca49","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-40a182e2-7b71-44a2-919b-2b631ca877de","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Over $17 million in compensation will be distributed to nearly 800 victims in more than 40 countries as a result of investment losses.

[{"selector":"#anim-5d0844a7-b906-4bed-8367-4198b6bd6447","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1f8bd4fc-40c3-4c7b-b701-f7f62181fa54","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d8c07edc-01bb-4604-b642-16b86a1a6fb7","keyframes":{"transform":["translate3d(126.49254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bbb65ea-4df1-4aa0-b803-cbec8453eb44","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70d78b72-ba66-47da-bcd6-977881b7f8d0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] BitConnect promoter Glenn Arcaro, pleaded guilty to conspiracy to commit wire fraud on September 16, 2021.

[{"selector":"#anim-2143367b-4ffe-4048-8ebd-d14f6189f2bc","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9f87a8ee-36b0-4238-9180-6efea9d615b6","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-13bbe93a-c290-4778-8202-20713275e33c","keyframes":{"transform":["translate3d(116.49484%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c74cc4be-bab0-4a9c-9a3e-c7962ecb4991","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-54fd364a-bc7c-4704-875d-4d038618f86c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Whereas on February 25, 2022, BitConnect founder Satish Kumbani was indicted for his central role in a multi-billion dollar scam.

As per the DOJ release, Arcaro and co-conspirators mislead investors about BitConnect’s “Lending Program.”

[{"selector":"#anim-9979ba48-7d99-4484-8d12-6c6e7705efda","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9b96438c-13da-4da1-8b59-01d0e983bbd2","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae9ef934-f3a8-4c9e-bdcf-9bdf084da80c","keyframes":{"transform":["translate3d(110.47619%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-784e1487-42a8-4f24-bbbd-c288a203f8b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ea462e3c-d5fd-4f44-9971-30e097b8037b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d3efcdd6-1338-4aed-bdf9-6e002f5a759a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.12499989760315%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

[{"selector":"#anim-e91467a0-60c6-49d5-be61-3e8d53ebda63 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.377427071464968%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f8b762cf-0276-44f2-a8c3-6d07b525af72","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-73c91c6e-9a45-4465-a612-525c394670e4","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3e214b7-777f-433e-8486-8639f6667f56","keyframes":{"transform":["translate3d(122.91667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b52378cd-6421-4105-8be5-f641b02515ea","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b276a2fe-fdf0-4c48-9856-016a9e104ff4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] It further added that BitConnect operated a Ponzi scheme by paying earlier BitConnect investors with money from later investors.

[{"selector":"#anim-a43e80f2-f8aa-4f26-8c84-ff3413299d40","keyframes":{"transform":["translate3d(396.77431%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-11ad53bb-2ee3-4d34-8ec3-1aa57f4f6af3","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-b910c745-183e-45b8-91ac-f687692a3ff8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-29b8ccd8-34cd-4270-a309-cb90e6162fba","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccca47d0-36a6-46bf-bbf2-93791bfc55d2","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1cdd662f-97da-4ad6-9b22-76a9779e54f8","keyframes":{"transform":["translate3d(122.96820%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-174c199f-6ed4-40bf-bec7-b53e1258e3ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-351ce157-8641-4beb-99d4-3764e56c2c2b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] BitConnect was launched in 2016 but got collapsed in 2018. Its Ponzi scheme defrauded at least 4,500 people from 95 different countries. More stories Stories