The U.S. Securities and Exchange Commission (SEC) announced it has distributed $4.6 million to eligible investors of BitClave following its initial coin offering (ICO) in 2017. The SEC sued BitClave in 2020 for violating securities laws, alleging its ICO raised $25.5 million from investors in just 32 seconds. Under a settlement, BitClave forfeited its raised funds and agreed to pay an additional $4 million in interest and penalties. Despite agreeing to pay approximately $29 million for investor reimbursement, only $12 million had been paid by the time of this announcement. Eligible investors had until August 2023 to submit claims, with completions communicated by March 2024. The fate of the remaining $7.4 million in the fund remains uncertain as the SEC hasn’t clarified discrepancies regarding the funds disbursed.

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