US federal judge has given the U.S. Department of Justice (DOJ) the permission to liquidate approximately $56 million in crypto proceeds which were seized from BitConnect's Glenn Arcaro.
Back in September, the US Securities and Exchange Commission (SEC) filed charges against BitConnect's founder, Satish Kumbhani, and its lead promoter in US, Glenn Arcaro, 44.
Being the lead promoter of BitConnect, which is a Ponzi scheme crypto platform that defrauded thousands stealing an estimate of $2 billion, Aracao pleaded guilty of "conspiracy to commit wire fraud.
The US DOJ called it “the largest cryptocurrency fraud scheme ever charged criminally” to date.
The US will use the seized money to compensate the victims of the fraud.
