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U.S. Justice Department Hands $4,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’

The U.S. Department of Justice (DOJ) says it has nearly recovered all the losses suffered by tens of thousands of investors in the largest Ponzi scheme in history. In a press release, the DOJ says that throughout the course of a decade, it has disbursed more than $4.3 billion to 40,930 victims of a fraud scheme led by Bernard L. Madoff. Madoff is known for running a Ponzi scheme for about 17 years that defrauded investors from 127 countries out of approximately $65 billion. The perpetrator convinced people to invest in his firm, Bernard L. Madoff Investment Securities LLC, by promising decent returns while maintaining a trustworthy persona. The scheme collapsed at the height of the 2008 Global Financial Crisis (GFC) when investors panicked and withdrew their funds en masse only to find out that their money was being used to pay other investors. In June 2009, Madoff was sentenced to 150 years in prison for “running the largest fraudulent scheme in history.” He died in a prison hospital in April of 2021 at 82 years old. The DOJ says it recovered about $2.6 billion through several civil forfeiture actions against Madoff, his brother Peter B. Madoff, his co-conspirators and his clients who benefitted from the scheme including investors Carl Shapiro and Jeffry Picower. The agency also collected $1.7 billion after banking titan JPMorgan Chase settled accusations that the firm failed “to carry out its legal obligations” while serving as Madoff’s primary bank. Says Acting U.S. Attorney Edward Y. Kim for the Southern District of New York, “This office has never stopped at pursuing justice for victims of history’s largest Ponzi scheme… We have succeeded in compensating 40,930 victims with close to 94% of their losses. As this extraordinary effort demonstrates, this office and MLARS (Money Laundering and Asset Recovery Section) are committed to protecting and assisting victims of crime, no matter how long it takes and no matter how complicated the endeavor.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post U.S. Justice Department Hands $4,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’ appeared first on The Daily Hodl . CoinOtag

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SUI Breakout Alert: Strong Momentum Puts $4.98 Key Level In Focus

SUI climbing to $4.98 marks a critical juncture in its market journey, igniting speculation about its ability to breach this key resistance level. This upward momentum has captured the attention of traders and investors, with many eyeing the possibility of a breakout that could propel SUI to fresh highs. The rally showcases strong bullish sentiment, driven by increasing demand and favorable technical setups. A decisive move beyond $4.98 might signal the beginning of a larger trend, positioning the token for further gains and strengthening its presence in the cryptocurrency market. As the price consolidates near this pivotal level, the focus shifts to whether the bulls can maintain their grip and push SUI into uncharted territory. With momentum on their side, the stage is set for what could be a defining moment in SUI’s price action. Analyzing SUI Path To $4.98 Milestone SUI’s rapid climb toward the $4.98 resistance level has captured the attention of traders, sparking anticipation for a potential breakthrough. The cryptocurrency has been riding a wave of bullish strength, with increasing demand and positive sentiment pushing the price higher. As it nears this critical level, the focus shifts to whether SUI can sustain its upward trajectory and break through the $4.98 barrier. Related Reading: SUI Price Soars 12% In Minutes, Triggering Huge Liquidations: Predictions For The Altcoin This milestone is not just a technical challenge; it represents a key psychological point in SUI’s market journey. A successful break above $4.98 may unlock significant upside potential, with the possibility of reaching new all-time highs. Technical indicators like rising volume and momentum oscillators suggest that the rally may have more room to run. However, the path to $4.98 is not without its hurdles. Resistance at this price point could trigger a pullback or consolidation, leading to a test of support levels before another attempt to break through. Potential Scenarios: Breakout Or Consolidation? As SUI approaches the pivotal $4.98 resistance level, a successful breakout above this point might open the door to substantial upside potential. Breaking through this key level may lead to new highs and signify that the bullish momentum is strong enough to drive the price higher. Related Reading: SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend? Such a move would reinforce market confidence, signaling continued strength in the trend and possibly attracting more buying pressure from traders and investors looking to capitalize on the upward movement. On the other hand, a failure to break through this key level might result in a consolidation phase, where SUI moves within a defined range as traders reassess the market conditions. During consolidation, the price may pull back to test lower support levels like the $4 mark before making another upside attempt. Featured image from YouTube, chart from Tradingview.com CoinOtag