US Court Orders $84 Million Restitution in Crypto Ponzi Scheme
CryptoNewsTerminal Staff02 Jul, 2024
US Court Orders $84 Million Restitution in Crypto Ponzi Scheme
In a significant move, a US federal court has ordered Sam Ikkurty, the mastermind behind the crypto hedge fund Jafia LLC, to pay a staggering $84 million in restitution to defrauded investors. This order stems from a classic Ponzi scheme orchestrated by Ikkurty, where new investor funds were used to pay earlier investors. The fraudulent scheme was brought to light through a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) in 2022. The court's decision serves as a strong deterrent against such fraudulent practices within the cryptocurrency industry, reinforcing the importance of investor protection. Investors are advised to exercise caution when entrusting their funds to crypto platforms and conduct thorough research to avoid falling prey to similar schemes in the future.
Related News
20 Sep, 2024
Bitcoin's Rise Linked to Global Liquidity
20 Sep, 2024
Cat Meme Coins Jump 40% After Fed Cuts Rates
20 Sep, 2024
MakerDAO Co-Founder Proposes SKY Bridging to Solana
20 Sep, 2024
CATI Touches $1.2 After Binance Listing
20 Sep, 2024
CATI, First Cat-Themed Token, Now Listed on Binance
20 Sep, 2024
Ethereum Foundation Offloads $760K Worth of ETH
20 Sep, 2024
Bitcoin's Rise Linked to Global Liquidity
20 Sep, 2024
Cat Meme Coins Jump 40% After Fed Cuts Rates
20 Sep, 2024
MakerDAO Co-Founder Proposes SKY Bridging to Solana
20 Sep, 2024
CATI Touches $1.2 After Binance Listing
20 Sep, 2024
CATI, First Cat-Themed Token, Now Listed on Binance
