AirBit crypto Ponzi victims can now claim slice of $400M asset haul
After guilty pleas, prison terms, and seizures, the DOJ has opened the compensation process
The US Department of Justice has begun accepting applications from victims of the AirBit Club crypto Ponzi scheme for a slice of more than $400 million in forfeited assets tied to the fraud. The compensation fund currently lists about $150 million as available for payout.
Launched in 2015, AirBit Club’s schtick was that it ostensibly offered investors guaranteed daily passive income through cryptocurrency mining and trading.
It was pitched as a trustworthy multi-level marketing initiative, although prosecutors have since said it mainly preyed on “unsophisticated investors,” running conferences and expos as ways to demonstrate its legitimacy.
Members were given access to an investor portal, which would display sums they wanted, and expected, to see – daily profits building as promised.
However, these figures were entirely fabricated. Investors’ money was never used for cryptocurrency miningor trading;...
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