The New York Supreme court has awarded 13.8 million to Bitcoin fraud victims. The victims are about six persons who blamed their lost bitcoin on the Crypto Currency Resolution Trust.
The plaintiff’s legal counsel, Dr Jonathan Levy, gave the information that the Crypto Currency Resolution Trust was also the same entity frequently known as ‘BITCOIN.’
The fraud victims complained that their bitcoin wallet had about 1000 Bitcoins alongside several losses from Ponzi schemes.
A way forward for victims
The decision to reward victims stems from a partial settlement with a Bitcoin node of ongoing claims made to the European Union seeking the establishment of a compensation fund.
Before now, there has not been any way for victims to get compensated for their lost Bitcoin in cases of hack and fraudulent transactions. The report also states that customers lose up to the tune of 10 billion yearly to fraudulent transactions.
The Trust has taken it upon itself to enforce this judgment, as well as for every other case that comes up in the future as it’ll help customers get compensated for any fraudulent transactions and hacks. Read More...