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> The court’s March 2, 2021 order requires Reynolds to pay nearly $143 million in restitution to defrauded customers and a civil monetary penalty of $429 millio
by WJW 6y ago
> The court’s March 2, 2021 order requires Reynolds to pay nearly $143 million in restitution to defrauded customers and a civil monetary penalty of $429 million.
That is a... robust amount of damages. OTOH:
> The CFTC cautions victims that restitution orders may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets.
- mpeg 6y agoAlso, it seems they haven't caught the scammer, and he probably keeps most of his assets in crypto that can't be seized. All they'll be able to get is whatever fiat he had under his name.
- unishark 6y agoApparently has been missing throughout the court cases for the last year. It was a default judgement. Kind of annoying trying to dig up that info the internet; there's a million websites out there all in line to clog up search engines with the same limited facts. They need to cluster them by content or something. Even in the days before crypto, scammers could hide money in other ways. They need to catch him.
- fogihujy 6y agoI suspect they won't catch him. Building a new identity isn't really that hard, especially since the guy has had some time to do it, and (I assume) money to pay for it.
- JumpCrisscross 6y ago> Building a new identity isn't really that hard No. But he will have effectively given up all his known wallets. If he touches them, he’ll have lit himself up.
- chefkoch 6y agoThen they know he's still alive but not his new identity? Would a "grey" crypto market refuse to trade (some) of the coins into another less traceable crypto?
- swiley 6y agoIt still leaves a trail that could be subpoenaed.
- chefkoch 6y agoHow would that bother you? Could they trace you with that information? I don't know about that to be sure. If you operate a grey crypto market your already with one foot in a US jail.
- swiley 6y agoIs trading on IRC illegal? Everyone used to do that and I wouldn't call that "grey." If they truly are interested in finding him it's straightforward and within their power, just a bit tedious.
- chefkoch 6y agoI thought there we're markets that are only accessible through vpns or on the darknet.
- swiley 6y agoAnything you can get to via a normal VPN isn't secret, those just help you get around local firewalls. As for exchanges on TOR: maybe? I haven't heard of any and IRC was rough and expensive enough. Exchanging bitcoin on TOR sounds like a great way to loose all of it.
- JumpCrisscross 6y ago> Would a "grey" crypto market refuse to trade (some) of the coins into another less traceable crypto? No, but every wallet it touched would be flagged by AML software, making it ineligible for e.g. sale to an institution or deposit at Coinbase. That reduces its value, albeit not to zero.