Cryptonews

BitConnect victims to receive $17m in compensation

The US District Court for the Southern District of California has approved the payment of $17 million in compensation to victims of BitConnect. It is one of the most high-profile "Ponzi schemes" in cryptocurrency history. Customers of the platform suffered $2.4bn in damages.

Some 800 affected BitConnect customers from 40 countries are expected to receive compensation.

The DOJ seized the designated $17 million back in November 2021. At the time, the seized cryptocurrency capital was worth $56 million.

Bank of America has no plans to offer crypto services

BofA CEO Moynihan said that the company will not offer services related to cryptocurrency in the near future. However, he acknowledged the importance of digital payments in today's economy. According to Moynihan, the main obstacle to the crypto industry is regulatory problems. The SEC is suspicious of companies offering cryptocurrency

What will be next?

Bitcoin for the second day in a row does not observe the correlation with the Nasdaq index, and even act as a leading indicator for the subsequent stock price movement. Or they just decided to shave $232 million off the bears 😇 Overall, the crypto market remains in a state of

SEC Warns FTX Against Repaying Creditors in Cryptocurrency: A Detailed Analysis of the Legal and Financial Implications

The recent developments surrounding the now-defunct cryptocurrency exchange FTX have drawn significant attention, especially concerning the United States Securities and Exchange Commission's (SEC) warnings regarding the repayment of creditors in stablecoins and other cryptocurrencies. This issue brings to light the complexities and potential legal battles that could arise as FTX

Read next