The New York court has fined a certain Benjamin Reynolds a whopping $ 571 million, or $ 483 million. The American financial regulator, the Commodity Futures Trading Commission (CFTC), announced this on March 26 in a press release.

The Briton had stolen some 22,191 bitcoin (BTC) from more than 1,000 victims worldwide in the summer of 2017, 169 of them from the United States. Of the $ 571 million fine, nearly $ 143 million must be paid to the victims.

This $ 143 million is the same amount as the CFTC considers Reynolds stole from the 169 Americans in 2017. Today, the total amount would be worth more than $ 1.24 billion. The scammer went through a fake company called Control-Finance. Through a website, social media and email, he promised huge returns to investors.

There was also talk of a pyramid scheme where rewards were promised to referrals to the scam. Reynolds reportedly did not invest any of the crypto he received and only moved funds back and forth to make it appear as if he was actively working with the bitcoin.

Whether the victims will actually see their money back is currently the question, because Reynolds disappeared more than a year ago.

Categories: Bitcoin