A federal court has ordered Sam Ikkurty and his firm, Jafia LLC, to pay nearly $84 million to crypto investors for operating a Ponzi-like scheme.

The ruling, issued by Judge Mary Rowland of the US District Court for the Northern District of Illinois, follows a Commodity Futures Trading Commission (CFTC) lawsuit from 2022.

The court found that Ikkurty made false claims about his trading experience and promised high profits, using new investor funds to pay earlier investors.

Ikkurty misappropriated investment funds for personal use without investors' knowledge, violating CFTC regulations.

The restitution aims to compensate defrauded investors and reinforce the importance of legal compliance in cryptocurrency trading.