Court Denies Chandler’s Bitcoin (BTC) Holdings Reconsideration Plea, Must Return ‘Illegal’ Gains
Following the denial of his MOC (Motion of Cancellation), it now appears as though Scott Chandler has to finally turn over all of his Bitcoin holdings to the FTC. Earlier, Chandler had filed for a reconsideration in response to an injunction that had asked him to cough up all of his BTC holdings to the FTC due to his involvement with a scammy crypto venture (along with Thomas Dulca).
In his plea, Chandler put forth the argument that some of his bitcoin holdings were procured via “legitimate” trading avenues— and thus the court order warranted some reconsideration.
However, earlier yesterday, the court disagreed with the MOC and stated that:
“ The issues raised by Chandler within the Motions were already raised in Chandler’s Objections and considered by the Court. Chandler therefore fails to present any new evidence worthy of the Court’s reconsideration.”
Not only that, owing to Chandler’s constant stalling and no-shows in court, the FTC also filed for a counter “contempt motion” against him.
Presenting the FTC’s case in front of the judiciary, a lawyer for the regulatory body alleged that by not handing over his bitcoin, Chandler was openly violating another preliminary injunction that had been previously granted against him.
This latest court order now requires the aforementioned show cause motion to be referred to a Magistrate Judge for an additional report investigation as well as other recommendations. However, the end result will most likely remain in favor of the FTC— i.e. Chandler will now have no option but to pay up the required sum of BTC within a stipulated period of time.