On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the “number one promoter” of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison.
US Selling Crypto Worth $56M Seized From Bitconnect’s ‘Number One Promoter’
The U.S. Department of Justice announced Tuesday that it is selling $56 million in seized cryptocurrency to compensate victims of the Bitconnect fraud scheme. The Justice Department noted that “The Bitconnect scheme is the largest cryptocurrency fraud scheme ever charged criminally.”
U.S. District Judge Todd W. Robinson granted a request from the DOJ and the U.S. Attorney’s Office for the Southern District of California on Friday “for authority to liquidate approximately $56 million in fraud proceeds seized from the self-described ‘number one promoter’ of Bitconnect, a cryptocurrency, who consented to the seizure.” According to the Justice Department:
This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date.
Glenn Arcaro, 44, of Los Angeles, pleaded guilty on Sept. 1 to “participating in a massive conspiracy to defraud Bitconnect investors in the United States and abroad, in which investors were fraudulently induced to invest over $2 billion.”
The government is “seeking to make whole victims of the Bitconnect scheme by selling the cryptocurrency and holding the proceeds in U.S. dollars,” the DOJ detailed. “The government will maintain custody of the seized proceeds in cryptocurrency wallets and intends to use these funds to provide restitution to the victims pursuant to a future restitution order by the court at sentencing.”
Arcaro is scheduled to be sentenced on Jan. 7, 2022, the DOJ noted, adding that he “faces a maximum penalty of 20 years in prison.”
What do you think about the DOJ selling cryptocurrency seized from Bitconnect’s promoter? Let us know in the comments section below.
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