DOJ Opens Compensation Process For AirBit Club Crypto Scam Victims

Victims of the AirBit Club crypto Ponzi scheme may now have a path to recover losses after the US Justice Department opened a compensation process tied to forfeited assets.

Good to Know

• The DOJ says more than $400 million in forfeited assets can compensate eligible victims.
• AirBit Club was marketed as a crypto mining and trading business with guaranteed profits.
• RCB Fund Services will contact known victims about filing petitions.

The Justice Department said the United States has forfeited more than $400 million in assets connected to AirBit Club. Those assets include real estate, US currency, and crypto assets taken from the scheme.

AirBit Club operators sold the business as a cryptocurrency mining and trading platform. Investors were promised guaranteed profits, but prosecutors later described the operation as a Ponzi scheme.

DOJ Opens AirBit Club Recovery Process

The recovery process started after several people tied to AirBit Club received sentences in 2023. The list included co-founders Pablo Renato Rodriguez and Gutemberg Dos Santos, promoters Cecilia Millan and Karina Chairez, and attorney Scott Hughes.

“To date, the United States has forfeited over $400 million in assets which are now available to compensate eligible victims for their compensable losses. Any victims who have previously provided their information to the FBI or U.S. Attorney’s Office will be contacted by the remission administrator, RCB Fund Services, LLC, (RCB) to file a petition,” the DOJ said in a statement.

Victims who already gave information to the FBI or the US Attorney office should hear from RCB Fund Services. The company will handle petitions through the remission process.

Assistant Attorney General A. Tysen Duva of the Justice Department Criminal Division said:

“The defendants took advantage of virtual currency’s popularity to promote the scheme and recruit additional victims. The criminal convictions and substantial asset recoveries obtained by prosecutors and law enforcement partners have enabled the Department to successfully launch this significant victim compensation effort.”