Federal Court Orders South African Company to Pay Over $1.7 Billion in Restitution for Forex Fraud

Discussion in 'Wall St. News' started by ETJ, Sep 10, 2023.

  1. ETJ

    ETJ

  2. M.W.

    M.W.

    Wow, 23000 individuals, amounting to 1.7bn? That does not seem right. Average 73k? Who funds fly by night shady crypto bucket shops with such sums? Perhaps I should look at it way more positively. In the end it is just a transfer payment, a generous development donation by the US to South Africa.

     
  3. Overnight

    Overnight


    "...accepted at least 29,421 Bitcoin—valued over $1,733,838,372 at the end of the relevant period—from at least 23,000 individuals in the U.S., and thousands more worldwide, to participate in the commodity pool..."

    So assuming the "thousands more worldwide" brings it up to 29K individual, it's 1 BTC per individual on average, when BTC was at it's peak of ~60K per coin.