The US DOJ Fines Bitconnect $25 Million and Orders Restitution of $17 Million

The US District Court for the Northern District of Texas issued an order on Wednesday requiring Bitconnect, a cryptocurrency employer from Belize, to pay restitution to at the least 1,000 those who misplaced cash in a pyramid scheme.

The courtroom docket ordered Bitconnect to pay up to $17 million in restitution and additionally agreed that it need to be dissolved as a employer withinside the United States.

Bitconnect`s internet site has been down when you consider that January 2018 and its founder Anthony Di Iorio has now no longer been heard from when you consider that.

The employer promised excessive returns via way of means of lending out humans's Bitcoin and different cryptocurrencies after promising month-to-month hobby prices among 10% and 15%. It additionally attracted humans with the promise of creating extra money thru mining as it had unique mining contracts with groups together with Bitmain.