US Justice Department to sell $56 million in cryptocurrency for compensating the victims of BitConnect’s fraud

  • 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 Tuesday 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 project’s former director and promoter Glenn Arcaro pled guilty to fraud charges in September and has been ordered to pay $24 million to BitConnect’s victims.
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