DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million
The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the “number one promoter” of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison. US Selling Crypto Worth $56M Seized From Bitconnect’s ‘Number One Promoter’ The U.S. Department of Justice announced Tuesday that it is selling $56 million in seized cryptocurrency to compensate victims of the....
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The U.S. government is set to sell crypto that was seized from the BitConnect case in 2018. The scam which had been carried out in the space of a year is the biggest ever in the crypto space, with over $2 billion lost by victims home and abroad. It was one of the most prominent […]
“This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date,” said the Justice Department. The United States Department of Justice is planning to sell $56 million worth of cryptocurrency seized in connection with its case against Ponzi scheme BitConnect.In a Nov. 16 announcement, the Justice Department said it would sell the seized crypto and hold the proceeds in U.S. dollars until it could use the funds to provide restitution to BitConnect victims. The U.S. government is currently holding the $56 million in crypto in wallets, and said the amount....
U.K. police have revealed how much cryptocurrency they have seized in the past five years in response to Freedom of Information requests. The London Metropolitan Police seized more bitcoins than other police boroughs.
UK Police Reveal Information About Seized Crypto
Twelve of the U.K.’s 43 police forces have seized cryptocurrency worth approximately £322 million ($435 million) in criminal investigations in the last five years, New Scientist reported Thursday, citing Freedom of Information (FOI) requests it submitted.
Bitcoin made up 99.9% of the....
Lithuania’s tax authority has sold the cryptocurrencies it previously seized for 6.4 million euros (approximately $7.6 million). The three cryptocurrencies confiscated were bitcoin, ether, and monero. This was the first time the tax authority sold seized cryptocurrencies. Lithuania Sold Seized Cryptocurrencies The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of Lithuania announced Tuesday that it has sold the cryptocurrencies it confiscated in February and transferred 6.4 million euros to the state budget. The tax authority explained that this is the....
The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ).
US Authorities Take Action Against Bitconnect and Its Founder
U.S. authorities continue to take action against the fraudulent crypto trading scheme Bitconnect and its executives this week. “The Bitconnect....