DOJ to Sell $56M in Crypto Proceeds From BitConnect Fraud Scam

DOJ to Sell M in Crypto Proceeds From BitConnect Fraud Scam
A U.S. federal judge is allowing the U.S. Department of Justice to liquidate approximately $56 million in proceeds seized from Glenn Arcaro, the lead promoter of BitConnect, a crypto lending program that defrauded thousands of investors out of an estimated $2 billion.The DOJ said in an announcement Tuesday that the liquidation was the most sizable recovery of assets tied to a crypto fraud by the U.S. to date. The agency said it would “begin the process” of selling the seized cryptocurrency and would hold the proceeds in U.S. dollars with the intent of providing restitution to the victims of the…