Bitclub Newsletter No. 118

by | Oct 25, 2024 | Bitclub | 0 comments

Dear Clients,

The BitClub Network case is progressing and the sentencing approaches. Joby Weeks, one of the key defendants, has pleaded guilty and is awaiting sentencing, which is currently expected to take place in November 2024, provided the court does not reschedule it again. Sentencing has been delayed due to the complexity of the case, which involves multiple defendants and significant investigative efforts.

While we await new information, one of the frequent questions from victims is: “Will the compensation be in BTC, USD, as a percentage, or in full amounts of the claims?”

Answer: Based on our previous experience in similar legal cases, seized assets, such as real estate, are typically sold in the local currency, specifically in USD. Funds held in bank accounts are not disputed. However, there may be issues regarding the valuation of seized BTC assets, particularly regarding whether the 2019 exchange rate or the current rate will be used. This decision depends on financial experts engaged by the court in the criminal proceedings. In any case, we believe the outcome will be favorable for the victims.

Sincerely,

Zoran Miljaković, Attorney