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South African CEO Ordered to Pay a Record $3.4 Billion Penalty in CFTC Bitcoin Fraud Case

A South African fugitive who ran an unregistered commodity pool to defraud unsuspecting victims of foreign exchange and bitcoin has been accused to pay over $3 billion in restitution and civil monetary penalty. The judgment marks the largest monetary penalty ever recorded in a CFTC fraud case involving bitcoin. A US judge in the District Court for the Western District of Texas ordered Cornelius Johannes Steynberg, a South African fugitive, to pay a penalty in a bitcoin fraud case, as stated in a press release by the Commodity Futures Trading Commission (CFTC). As per a report released, Steynberg received 29,421 BTC from about 23,000 US individuals and more globally worth $1.7 billion in March 2021.

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