{"id":14385,"date":"2021-11-16T22:54:04","date_gmt":"2021-11-16T22:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/doj-selling-cryptocurrency-seized-from-bitconnect-worth-56-million\/"},"modified":"2021-11-16T22:54:04","modified_gmt":"2021-11-16T22:54:04","slug":"doj-selling-cryptocurrency-seized-from-bitconnect-worth-56-million","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/doj-selling-cryptocurrency-seized-from-bitconnect-worth-56-million\/","title":{"rendered":"DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million"},"content":{"rendered":"

The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the \u201cnumber one promoter\u201d of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison.<\/strong><\/p>\n

US Selling Crypto Worth $56M Seized From Bitconnect\u2019s \u2018Number One Promoter\u2019<\/h2>\n

The U.S. Department of Justice announced Tuesday that it is selling $56 million in seized cryptocurrency to compensate victims of the Bitconnect fraud scheme. The Justice Department noted that \u201cThe Bitconnect scheme is the largest cryptocurrency fraud scheme ever charged criminally.\u201d<\/p>\n

U.S. District Judge Todd W. Robinson granted a request from the DOJ and the U.S. Attorney\u2019s Office for the Southern District of California on Friday \u201cfor authority to liquidate approximately $56 million in fraud proceeds seized from the self-described \u2018number one promoter\u2019 of Bitconnect, a cryptocurrency, who consented to the seizure.\u201d According to the Justice Department:<\/p>\n

This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date.<\/p>\n

Glenn Arcaro, 44, of Los Angeles, pleaded guilty<\/a> on Sept. 1 to \u201cparticipating 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.\u201d<\/p>\n

The government is \u201cseeking to make whole victims of the Bitconnect scheme by selling the cryptocurrency and holding the proceeds in U.S. dollars,\u201d the DOJ detailed. \u201cThe government will maintain custody of the seized proceeds in cryptocurrency wallets and intends to use these funds to provide restitution to the victims pursuant to a future restitution order by the court at sentencing.\u201d<\/p>\n

Arcaro is scheduled to be sentenced on Jan. 7, 2022, the DOJ noted, adding that he \u201cfaces a maximum penalty of 20 years in prison.\u201d<\/p>\n

What do you think about the DOJ selling cryptocurrency seized from Bitconnect\u2019s promoter? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, BitConnect, bitconnect promoter, bitconnect seized crypto, confiscated crypto, DOJ, justice department, Seized Crypto, seized cryptocurrencies, seized cryptocurrency<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the \u201cnumber one promoter\u201d of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison. US Selling Crypto Worth…<\/p>\n","protected":false},"author":0,"featured_media":14386,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14385"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14385"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14386"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}