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US to sell $56 million in cryptocurrency seized in BitConnect fraud scheme
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livemint.comA judge agreed to a request from U.S. authorities to liquidate roughly $56 million in proceeds seized from a U.S. promoter of offshore company BitConnect, which allegedly conducted one of the biggest scams ever involving cryptocurrencies.
The seizure was the largest single recovery from a cryptocurrency fraud in the U.S. to date, according to the Justice Department.
U.S. District Judge Todd W. Robinson agreed to the request from the U.S. Justice Department and U.S. Attorney’s Office for the Southern District of California last week to seize the proceeds from Glenn Arcaro, a U.S. promoter for BitConnect’s cryptocurrency scheme. Mr. Arcaro consented to the seizure.
A lawyer for Mr. Arcaro declined to comment.
The Securities and Exchange
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