Court Will Compensate Victims of BitConnect Ponzi Scheme with $17 Million

The federal district court in San Diego has ruled to distribute $17 million to approximately 800 victims of the $2.4 billion BitConnect Ponzi scheme.

According to court documents, the victims from several countries will receive compensation.

The DoJ has recalled that in September last year, the leading promoter of BitConnect in the United States, Glenn Arcaro, pleaded guilty to wire fraud. The court ordered him to return $ 24 million to investors.

On February last year, prosecutors filed a similar charge against project founder Satish Kumbhani.

According to Arcaro, he colluded with other participants to deceive investors, using their interest in cryptocurrencies.