The U.S. Department of Justice has launched the remission compensation process for victims of AirBit Club, a purported virtual currency mining and trading company that the department described as a pyramid scheme. More than USD 400 million in forfeited assets is available to compensate eligible victims for their compensable losses. AirBit Club was marketed from late 2015 as a multilevel marketing club whose memberships supposedly generated passive, guaranteed daily returns from virtual currency mining and trading. The Justice Department said those representations were false and that no mining or trading took place. In August 2020, the U.S. Attorney’s Office for the Southern District of New York announced charges against five defendants, including co-founders Pablo Renato Rodriguez and Gutemberg Dos Santos, who were sentenced in September 2023. Promoters Cecilia Millan and Karina Chairez, along with attorney Scott Hughes, were sentenced in October 2023 and ordered to forfeit all fraudulent proceeds, including substantial amounts of virtual currency. Victims who previously provided their information to the Federal Bureau of Investigation or the U.S. Attorney’s Office will be contacted by the remission administrator, RCB Fund Services, LLC, to file a petition. The department also warned that neither the remission administrator nor the Justice Department will ask for payment to participate in the process and cautioned victims about impersonation scams.

Original source View in tracker