A group of login password fraud victims of the BitConnect financing plan will get some respite from the multibillion-dollar fraud plan, which was ordered by the people's court as part of the $17 million compensation.
According to a press release released by the U.S. Department of Justice (DoJ) on the same day, the Regional people's Court of the South District of Florida issued an order on January 12 to pay compensation for this "large-scale" program.
The program's 800 victims, from 40 countries, will receive a small share of the $17 million in reparations, a technical term that refers to the return of lossmaking assets or money to moderate users.
The DoJ certificate stresses that BitConnect is a so-called login password network loan platform, which boasts technology patents including "BitConnect Trading Bot" and "Volatility Software", claiming that this technology will lead to guaranteed returns for investors.
Its promised return is at least 1% or 3700% compound interest per day.
Investors will buy and sell BTC (BTC) in return for BitConnect Coin (BCC), which may be lent at different annual interest rates.
However, all the service platforms proved to be a "classic Ponzi scheme" because initial investors received funds from new investors, it wrote.
The data encryption service platform was launched in 2016, but collapsed in 2018 after stealing $2.4 billion from more than 4000 people in 95 countries.
Satish Komhani, the founder of BitConnect, was sued by the U.S. Department of Justice in February 2022. He is still under investigation in India and is missing at this stage.
Lombaccaro, the company's largest marketing promotion personality trait based in the United States, pleaded guilty to telecom network fraud charges in September 2021 and was ordered to repay $24 million to investors.
According to the DoJ, Arcaro and others put 15 per cent of the money of BitConnect investors into a bribe stock fund for the benefit of its users and other sponsors.
On September 16, 2022, Arcaro was sentenced to 38 months' imprisonment for participating in the BitConnect.
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