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BitConnect victims will be paid $17 million in Restitution funds.
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According to an announcement by the U.S. Department of Justice on Jan 12.
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This statement suggests that a federal judge in San Diego, California, has directed that the funds be distributed to 800 people across 40 countries.
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BitConnect was widely regarded as a Ponzi scheme, both in the public eye and in court.
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Its associates have been arrested and found to be guilty on a variety of accusations: BitConnect founder Satish Kumbhani was indicted in February 2022.
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The lead U.S. promoter Glenn Arcaro was convicted on September 20, 2021.
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Furthermore, the two were both accused of being sued by The U.S. Securities and Exchange Commission in September 2021.
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BitConnect was in operation from 2016 and the year 2018.
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The value of the project's crypto token fell quickly after the project was shut down.