FTC SENDS REFUNDS TO PEOPLE WHO LOST MONEY TO CRYPTOCURRENCY SCHEMES
The FTC is sending a second round of checks and PayPal payments to people who lost money to deceptive money-making schemes that involved cryptocurrencies.
According to the FTC, the defendants falsely promised that participants could earn large amounts of money by paying cryptocurrency, such as Bitcoin or Litecoin, to enroll in schemes marketed under the names Bitcoin Funding Team and My7Network. However, Bitcoin Funding Team and My7Network were allegedly chain referral schemes that depended on the recruitment of new people to make money. In fact, most participants lost money.
The FTC first sent refunds in November 2020. Because there is still money in the fund, the agency is sending an additional 3,316 PayPal payments and 177 checks totaling nearly $240,000.
If you receive a check, you have 90 days to cash it.
If you receive a PayPal payment, you have 30 days to accept the payment.