New York Seeks $1.3 Billion From NovaTech Founders In Crypto Fraud Case

The state of New York is seeking over $1.3 billion from the founders of NovaTech, a cryptocurrency platform, after the couple fled the US. According to court filings, NovaTech's platform took in $1.16 billion and traded only a fraction of it.

New York's attorney general has asked a court to order the founders to pay the massive sum, which is part of a larger crypto fraud case. The request follows an earlier default judgment and settlements with several promoters, including four top promoters who agreed to pay nearly $6 million. The exact amount sought by the state varies slightly between reports, ranging from $1.3 billion to $1.37 billion.

The case involves a crypto Ponzi scheme that took investors for more than $1.1 billion. The founders of NovaTech are no longer in the US, and it is unclear what will happen next in the case. Multiple outlets, including NewsBTC, The Block, Bitcoin Magazine, Decrypt, and Cointelegraph, have reported on the story.

What happens next in the case is still unclear. It has not been reported yet how the founders of NovaTech will respond to the court's request or what their current status is. Readers should watch for further developments in this case.