According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) announced that some BitClave investors will receive refunds and interest. The SEC stated that the BitClave Fair Fund has distributed a total of $4.6 million to eligible investors.
BitClave raised $25.5 million in its 2017 initial coin offering (ICO), but was sued by the SEC for violating federal securities laws. BitClave agreed to pay approximately $29 million in restitution, but had only paid $12 million by February 2023.
Eligible investors have until August 2023 to submit their claims. The SEC notified the results of the claims in March this year. It is not clear where the remaining $7.4 million went, and the SEC and fund administrators did not comment.