Victims of pyramid schemes using cryptocurrencies will receive payments from the US Federal Trade Commission (FTC) totaling over $ 470,000, according to the agency’s website.

The payments will be received by victims of two fraudulent projects – Bitcoin Funding Team and My7Network. Projects promised their clients high returns on their investments in Bitcoin and Litecoin. The Bitcoin Funding Team argued that an investment of $ 100 can generate $ 80,000 in monthly income.

However, both projects turned out to be pyramids, depending on the investments of new people, and most of the participants were unable to recoup their investments, the FTC noted.

The commission will send 7964 refunds via PayPal. The average payout will be approximately $ 59.