U.S. Department of Justice selling crypto worth $56M, seized from bitconnect promoters

The US Department of Justice is selling crypto assets that were seized from the promoters of the bitconnect scam. They aimed to give compensation to the victim of the Bitconnect scam. 

In crypto history, the biggest crypto scam project was Bitconnect. In the past, Bitconnect grabbed huge popularity and gained in profit but when they got exposed by the government authorities over an integrated scam then, everything crashed with the Bitconnect. Now in the present time, authorities are trying their best to find all the associated members of the Bitconnect platform. 

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In the latest, The US Department of Justice planned to sell $56 million worth of crypto assets that were seized by the enforcement departments in the BitcoinConnect scam. The authorities claimed that they will sell the assets and then they will release these funds to the victims of the scams when the case ends.

Before this, the US DOJ requested for this step from the court. In the last week, on Friday U.S. District Judge Todd W. Robinson granted the motion of the DOJ. Court judge stated 

“for authority to liquidate approximately $56 million in fraud proceeds seized from the self-described ‘number one promoter’ of Bitconnect, a cryptocurrency, who consented to the seizure”

44 years old Glenn Arcaro was caught by the investigation agencies regarding the promotion of the Bitconnect scam. On 1 September, all the allegations of Managing investment in the Bitconnect project on this guy were proved by the agencies. 

“participating in a massive conspiracy to defraud Bitconnect investors in the United States and abroad, in which investors were fraudulently induced to invest over $2 billion.”

Now, the government agency will take custody of the funds in the form of US dollars and they will give it all to the victims of the investors, who invested in this project and lost funds. 

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