BitConnect: Around $57M in seized cryptocurrency to be sold to repay investors in scheme

Around $57 million in cryptocurrency seized through the prosecution of a man who participated in a large-scale investment scheme will be sold to repay investors victimized by the fraud, federal prosecutors in San Diego said this week.

The liquidation, which the U.S. Attorney's Office called "the largest single recovery of cryptocurrency for victims to date," stems from the investment scheme BitConnect, which prosecutors say defrauded investors out of more than $2 billion.

The U.S. Attorney's Office said it is believed to be the largest cryptocurrency fraud ever criminally charged.

Full story at CBS8.com: https://www.cbs8.com/article/news/local/bitconnect-seized-cryptocurrency-repay-investors-scheme/509-d4fc49d2-cafd-48ec-a1f7-063009cf8ee9