The activities of Blockchain hackers and scammers continue to derail the progress of the cryptocurrency space. The evil perpetrators, who are known for devising several means of luring their victims, continue to taint the cryptocurrency space’s image. Many analysts also believe that these evildoers continue to fuel the criticisms against Blockchain technology, despite the space’s recent growth, which had made it one of the most sought-after investment spaces in the world. Benjamin Reynold is one of the top crypto fraudsters, which is now set to pay for his crimes against humanity, as a U.S court has ordered the Conman to pay $572 million in fine.
Reynolds and Control Finance used deceit reward programs to lure victims
In the Commodity Futures Trading Commission (CFTC) report, they have now confirmed that Benjamin Reynolds- CEO of Control Finance, has now been ordered by a district court in the U.S to pay the fine of $572 million for his criminal activities four years ago. The British man from Manchester, who heads Control Finance Ltd, has been on trial since 2017 for the Bitcoin scam activities carried out by his company in the same year.
Back in 2017, Control Finance, under Reynolds’ tutelage, was believed to be a Bitcoin investment and custody firm, with thousands of customers committing their digital assets into the custody of the proposed asset managers. The firms had also enticed customers by promising them juicy returns on investment and several other mouthwatering benefits like Signup bonuses and referral reward programs. Reynold and Control Finance also utilized several business promotion techniques and reward offers to attract new customers. According to CFTC, Reynold’s Control Finance promised their victims interest of up to 45% monthly, something that is practically impossible to offer in reality.
Reynolds will pay more to the government than to his victims
However, things started to go south as customers began to demand their returns and capitals, and Reynolds and co. did not respond. Unknowingly to many investors in the Control Finance scheme, Reynolds was neither investing nor trading with their funds. The Conman was moving these funds from wallets to wallets, accumulating it for himself. According to the CFTC report, Reynold obtained almost 23,000 Bitcoins from more than 1,000 victims.
The estimated value of the total assets invested in Control Finance was valued at around $150 million. However, the court has now ordered him to pay back all his victim in the scam of all the funds he collected from them. According to the CFTC report, the British fraudster will also pay a civil monetary fee to the government, putting his exact fine to about $572 million. Much to the delight of his victims, who are now expected to be received their funds soon, the case against the Conman is almost resolved, according to the CFTC.