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US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud -Breaking

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© Reuters.

In connection with BitConnect’s Ponzi Scheme, the United States Department of Justice plans to buy $56 Million worth of cryptocurrency.

The Justice Department made an announcement on Tuesday. It would then sell the crypto it had seized and keep the profits in dollars, until BitConnect victims are compensated. The U.S. government is currently holding the $56 million in crypto in wallets, and said the amount of compensation to those affected by BitConnect’s fraud would depend on a “future restitution order by the court at sentencing.”