US Government to Sell $56 Million Worth of Crypto to Compensate BitConnect Victims

US Government to Sell $56 Million Worth of Crypto to Compensate BitConnect Victims

The U.S. government has received court approval to liquidate $56 million worth of fraud proceeds of the leading BitConnect promoter in order to compensate the victims of the infamous Ponzi scheme, according to a Nov. 16 press release published by the Department of Justice.The confiscated crypto, which marks the largest recovery for a cryptocurrency-related fraud case in the U.S, remains in the custody of the authorities for now.Those affected by the sham are being encouraged to submit a victim impact statement.

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