New York Seeks $1.37B From Novatech Founders in Crypto Fraud Case

New York is seeking about $1.37 billion from Novatech founders Cynthia and Eddy Petion after a court entered a default judgment in a crypto fraud case. State filings show investors deposited more than $1.16 billion, while only about $26 million was sent to the platform used for trading. New York is seeking one of the largest monetary recoveries tied to a crypto investment scheme. Attorney General Letitia James has asked a state court to order Novatech founders Cynthia and Eddy Petion to pay $1.367 billion, including roughly $1.135 billion in disgorgement and $232.5 million in prejudgment interest.