AirBit Victim Fund Opens to Compensate Victims of Cryptocurrency Scam

The US Department of Justice (DOJ) has established the AirBit Victim Fund (AVF) to provide compensation to individuals who were deceived into purchasing memberships in the AirBit Club. The fund aims to reimburse those who suffered financial losses as a result of false promises of guaranteed daily returns through cryptocurrency mining and trading activities.

To be eligible for compensation, an individual must have directly incurred a financial loss due to the scheme. This includes anyone who transferred funds on behalf of others, but not those who merely facilitated transactions without losing money themselves.

The AVF will calculate losses using a 'cash-in, cash-out' methodology. Petitioners must document the total amount invested in AirBit Club memberships and subtract any withdrawals or reported profits. Fictitious gains are not considered when determining eligible losses.