A whopping $3.4 billion—that’s how much a Texas court has ordered Cornelius Johannes Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) to pay in connection with a large-scale fraud case involving Bitcoin.

As part of the settlement, half of that amount will go toward providing restitution to victims of MTI’s fraudulent activities, with the other half designated as a civil penalty, the highest civil monetary penalty ordered in any CFTC case.

The U.S. Commodity Futures Trading Commission (CFTC), which obtained a court judgment against Steynberg and MTI on April 27, also said this is the largest fraudulent scheme involving Bitcoin charged in any of the agency’s cases to date.

According to the CFTC, an order of default judgment and permanent injunction against Steynberg and MTI has been entered by Judge Lee Yeakel of the U.S. District Court for the Western District of Texas.

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Author: Andrew Asmakov

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