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.