UK man to pay $571 million over stolen Bitcoin – News 24-7 Live News 24-7 Live
UK man to pay $571 million over stolen Bitcoin

UK man to pay $571 million over stolen Bitcoin

But collecting the money could be tough because US authorities don’t seem to know where the alleged fraudster, Benjamin Reynolds, is.A UK man accused of scamming consumers into sending him more than 20,000 Bitcoin has been ordered to pay $571 million in penalties.

The Commodity Futures Trading Commission announced the sanctions in a Friday statement, saying a March 2 order issued by a federal court in Manhattan required Reynolds to pay a $429 million fine and almost $143 million in restitution.

Reynolds, purportedly from Manchester, England, solicited the Bitcoin from consumers between May 2017 and October 2017, telling them that he would trade the tokens in virtual currency markets to increase profits, the CFTC said.

News Source: Hindustan times

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