Re:BitConnect Closes Exchange as States Warn of Unregulated ...
by dannyw on Tuesday January 16, 2018 @09:54PM
(#16165098)
SEC seizing remaining assets (if any) and re-distributing then?
[ Parent
| on HN ]
Re:BitConnect Closes Exchange as States Warn of Unregulated ...
by JumpCrisscross on Tuesday January 16, 2018 @09:59PM
(#16165117)
> SEC seizing remaining assets (if any) and re-distributing then?
That is unlikely to pay out to someone who bought after BitConnect was shut down.
Generally speaking, when a regulator resoles a Ponzi scheme they take the promoter's assets and help put it into trust. That trust has two jobs. One, to sue those who sold their BCC before the scheme unraveled [1]. And two, to distribute cash to those who lost money.
[1] http://www.newsweek.com/it-fair-sue-madoff-victims-who-made-...