CFTC Cracks its 'Largest Fraud' Case Involving Bitcoin, Orders Offender to Pay $3.4B Penalty

CFTC has just won a record $3.4 billion penalty payment in a Bitcoin-related fraud case, according to an order from a Texas judge.

• 2023-04-28
• Cornelius Johannes Steynberg MTI CFTC Bitcoin Mirror Trading International Proprietary Limited fraudulent activities civil penalty

US court orders South African firm's CEO to pay $3.4 billion for bitcoin fraud

A federal judge in Texas ordered the head of a South African firm to pay a whopping $3.4 billion for what the U.S. commodities regulator said was its largest-ever fraud case involving bitcoin. Cornelius Johannes Steynberg was ordered to pay $1.7 billion in restitution to victims of the fraud scheme and another $1.7 billion as a civil penalty, a record for any Commodity Futures Trading Commission case, the regulator said in a statement on Thursday. Steynberg, whose last known residence was in S

• 2023-04-28
• Commodity Futures Trading Commission Cornelius Johannes Steynberg South African fraud scheme civil penalty