US authorities to pay over $ 470,000 to victims of cryptocurrency fraud The US Federal Trade Commission (FTC) will send over $ 470,000 through PayPal to victims of two pyramid schemes using cryptocurrencies.

US authorities will pay over $ 470,000 to victims of cryptocurrency fraud

US Federal Trade Commission (FTC) will send over $ 470,000 via PayPal to victims of two pyramid schemes using cryptocurrencies.

According to the FTC on its website, the scammers attracted investors to participate in the Bitcoin Funding Team and My7Network projects with false promises of high returns from investing in cryptocurrencies such as Bitcoin and Litecoin. The pyramids were promoted through YouTube, social media and conference calls. Bitcoin Funding Team said that investing as little as $ 100 can generate $ 80,000 in monthly income.

In reality, both proposals turned out to be financial pyramids, in which payments were made exclusively through the investments of new investors. FTC notes that most clients of fraudulent projects have failed to recover their initial investment.

As part of the refund process, the FTC will send out 7,964 payments. Payments will begin on November 5th. The average amount is $ 59.

It was possible to recover money for investors in the process of prosecuting fraudsters who, under an agreement with the authorities, agreed to pay over $ 500,000.

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