More than 800 people are getting $17 million as a Ponzi payback

Money illustrations by Storyset

The United States Department of Justice has said that those who were affected by the BitConnet Ponzi will get $17 million shared between them.

A United States Federal Court in San Diego gave a directive on Thursday for the money to be given to all those who were affected by the scheme in located in 40 countries.

This company was sold to its customers as an investment that makes use of technology to make high returns however these were not the thoughts of the US securities who saw the program as a scheme designed to steal money from the masses.

Glenn Arcaro was one of the main advertisers of BitConnect and he had to plead guilty to wire fraud back in some months back in September. The founder of the investment scheme was charged also by February.

What the founder Satish Kumbhani was charged for was the fact that he used promoters to manipulate the price of BitConnect prices making people think that it was high in demand coin.

The founder and those he worked with move people's money through some major crypto exchanges into some specific wallets.

Kumbhani wanted to get away with his crimes by not registering his “business” under the Financial Crimes Enforcement Network like other legit businesses are supposed to.

They are living in pain and nobody really gets away with anything…sooner or later it comes to get you. If not at the heart of the matter it will get you in your heart and if all that fails you are still at risk of doing it again.

I think their promoter pleading guilty could be the best thing he could do to get minimum sentencing.

I am sure in their mind they had already gotten away with it. But reality never fails to hit people in the face.

Those last few paragraphs are my thought, I’d like to know yours…what do you think about Ponzi schemes? Were you caught up in anyone before? How can the crypto space protect its users from these types of operations? Let me know what you think in the comment section below.

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