CFTC Seeks $572M From Vanished Crypto Fraud Suspect

Law360 (August 21, 2020, 9:59 PM EDT) -- The U.S. Commodity Futures Trading Commission is seeking a default judgment against apparent U.K. resident Benjamin Reynolds that would put him on the hook for $572 million after the agency alleged he stole 22,858 bitcoins in a Ponzi scheme-like fraud and failed to appear in the case.

In a Thursday filing, the CFTC outlined that after failing to find an exact address for Reynolds and exhausting other means of service the agency placed a notice about the case in the British newspaper The Daily Telegraph once a week for four weeks in early 2020. Reynolds still failed to respond to the...

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