Bitclub Newsletter No. 111

Dear Clients,

 Here are some of the questions we received in the previous week:

Are there any updates regarding the Bitclub case? I haven’t received any information about the trial this year.

Answer: We publish information about the case every Friday on our website. These updates include the procedural actions that are taking place. The process is taking longer than expected. You are already familiar with the reasons, as we have explained in previous newsletters.

When can we expect to find out whether our claims related to Bitclub have been accepted, and how compensation will be paid?

Answer: The state prosecutor approached this case with the intention of resolving it as quickly as possible through confessions agreements with the defendants. After an initial success, there was a delay. As you know, the primary defendant and his closest accomplices have decided to defend themselves throughout the entire process. Their lawyers are using every legal option to benefit their clients. However, I expect some kind of agreement that would speed up the conclusion of the case. Once the process is completed with a conviction or a guilty plea, compensation will be determined. A significant amount of assets has been seized, which will be used to compensate the victims.

Will the compensation be in BTC, USD, as a percentage, or the full amount of the claim?

Answer: Based on our previous experience in court cases, seized assets, such as real estate, are usually sold in the local currency, in this case, USD. The money held in bank accounts is not in dispute. The issue may arise with valuing the seized BTC funds — the question is whether the exchange rate from 2019 or the current rate will be used. This depends on the financial experts working with the court in the criminal proceedings. In any case, the outcome will be favorable for the victims.

Zoran Miljakovic

Attorney at Law