The seize, however, is that the US government does not realize where Reynolds is and might find it tough to recover the money.

The accused were given the victims to transfer their Bitcoin. However, worth $143 million to him on the promise of trading the tokens on digital currency markets for improved profit did not observe through.

A UK-based man who scammed people of over 20,000 Bitcoin has been ordered to pay consequences worth $571 million through a federal court in Manhattan. The Commodity Futures Trading Commission (CFTC) stated on March 26.
Benjamin Reynolds from Manchester, England, is accused of duping at least one hundred seventy customers, based withinside the United States, in their Bitcoin from May to October 2017, Bloomberg reported.

The catch, however, is that the US government does not recognize where Reynolds is and might find it tough to get the money better. The CFTC also stated that the order might not always bring about the recovery of belongings as Reynolds “may have inadequate funds to pay.”

The $571 million penalties, ordered through the Southern District of New York, includes a $429 million fine and near to $143 million in restitution, the record stated.

The order notes that Reynolds “failed to seem or answer” after the CFTC filed a complaint and sued him in January 2019.

As per the CFTC, Reynolds was given the victims to switch their Bitcoin, then worth $143 million, to him at the promise of trading the tokens on digital currency markets for high profit; however, did not comply with through.