"The U.S. Department of Justice has begun a formal process to compensate victims of the Onecoin crypto fraud, one of the largest scams in the history of digital assets. The scheme, which ran from 2014 to 2019, defrauded investors of more than $4 billion worldwide."
"More than $40 million in assets, seized through forfeiture proceedings, have been set aside for compensation. Victims who purchased Onecoin during the scheme's operation may apply for reimbursement through a remission process managed by the Justice Department's Money Laundering and Asset Recovery Section."
"Officials cautioned that while the recovered funds represent progress, they are unlikely to fully cover losses given the scale of the fraud. Victims are at the core of everything we do at the Department of Justice."
The U.S. Department of Justice has started a compensation process for victims of the Onecoin fraud, which defrauded investors of over $4 billion. More than $40 million in recovered assets will be distributed to eligible claimants. The scheme operated from 2014 to 2019, with founders promoting a fictitious cryptocurrency. Victims can apply for reimbursement through a remission process, with a deadline set for June 30. While the recovered funds are a step forward, they will not fully cover the extensive losses incurred by victims.
Read at news.bitcoin.com
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