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DOJ Promoting Cryptocurrency Seized From Bitconnect Price $56 Million

DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million

The U.S. Division of Justice (DOJ) is promoting cryptocurrency price $56 million that was seized from the “primary promoter” of Bitconnect, the most important crypto fraud scheme ever charged criminally. Traders have been fraudulently induced to speculate over $2 billion. The Bitconnect promoter faces a most penalty of 20 years in jail.

US Promoting Crypto Price $56M Seized From Bitconnect’s ‘Quantity One Promoter’

The U.S. Division of Justice introduced Tuesday that it’s promoting $56 million in seized cryptocurrency to compensate victims of the Bitconnect fraud scheme. The Justice Division famous that “The Bitconnect scheme is the most important cryptocurrency fraud scheme ever charged criminally.”

U.S. District Choose Todd W. Robinson granted a request from the DOJ and the U.S. Lawyer’s Workplace for the Southern District of California on Friday “for authority to liquidate roughly $56 million in fraud proceeds seized from the self-described ‘primary promoter’ of Bitconnect, a cryptocurrency, who consented to the seizure.” In line with the Justice Division:

This liquidation is the most important single restoration of a cryptocurrency fraud by america up to now.

Glenn Arcaro, 44, of Los Angeles, pleaded responsible on Sept. 1 to “taking part in a large conspiracy to defraud Bitconnect buyers in america and overseas, wherein buyers have been fraudulently induced to speculate over $2 billion.”

The federal government is “searching for to make entire victims of the Bitconnect scheme by promoting the cryptocurrency and holding the proceeds in U.S. {dollars},” the DOJ detailed. “The federal government will preserve custody of the seized proceeds in cryptocurrency wallets and intends to make use of these funds to supply restitution to the victims pursuant to a future restitution order by the court docket at sentencing.”

Arcaro is scheduled to be sentenced on Jan. 7, 2022, the DOJ famous, including that he “faces a most penalty of 20 years in jail.”

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