The CFTC recovers $18 million worth of cryptocurrency from a Ponzi Scheme in a certain commodity pool

Golden Finance reported that, according to the announcement released by the CFTC, the commission has recovered digital assets worth 18 million USD related to an alleged commodity pool Ponzi Scheme. It is alleged that Sam Ikkurty, a man from Oregon, is accused of defrauding investors from the so-called “encryptionHedging fund”, promising to return the “net profit” to investors, but failed to do so, and even failed to inform investors that the fund’s performance had dropped by 98.99% within a few months. Judge Mary Rowland of the Northern District of Illinois ordered Ikkurty and several other related entities to pay a total of $209 million in fines, including nearly $84 million in customer restitution, approximately $37 million in disgorgement of ill-gotten gains, and approximately $110 million in civil penalties. Ikkurty was also ordered to pay over $14 million in contempt of court fines.