Judge Sides With CFTC In $120M Case Against Ponzi-Like Crypto Investment Scheme

The crypto space has been rife with scams and frauds, and this week, another fraudulent operation found that it isn't above the law. (Credit: Bybit/flickr.com)

KEY POINTS

• Judge Rowland found that the defendants and companies in question operated as "a classic Ponzi scheme"
• Ikkurty and the others also misappropriated funds after soliciting "at least $44 million"
• The defendants have been ordered to pay over $120 million in restitution and disgorgement

It's another day of putting the law above fraudulent cryptocurrency operations as Illinois district court Judge Mary Rowland took the Commodity Futures Trading Commission's (CFTC) side in a case the regulator filed against Sam Ikkurty, his companies, and several other defendants over alleged misappropriation of funds among other violations.