U.S. DOJ Launches Compensation Program for AirBit Club Fraud Victims, Over $400M in Assets Seized

According to Bits.media, on May 18, the U.S. Department of Justice announced a compensation program for victims of the AirBit Club cryptocurrency mining fraud scheme. The department has seized over $400 million in assets for restitution. AirBit Club, established in 2015, operated as a Ponzi scheme disguised as a cryptocurrency mining and trading platform. The scheme’s founder was convicted of money laundering and fraud in 2023, with courts ordering the seizure of all fraudulent proceeds, including over 16,000 Bitcoin. Victims who previously provided information to the FBI or prosecutors will be contacted by RCB Fund Services to initiate the restitution process at no cost.