The investigation team has reached a pivotal milestone. To date, they have uncovered more than $276.5 million USD in U.S.-based assets tied directly to stolen Xeggex funds.
The investigators believe this represents 95% or more of all funds that were ultimately brought under U.S. jurisdiction. This is a remarkable development, as it gives us a clear and actionable path for recovery through litigation in U.S. courts.
Why This Effort is U.S.-Focused
It is important to understand why our recovery effort is specifically concentrated on the United States:
- Civil Jurisdiction: Recovery of stolen funds through asset seizure and liquidation can only be handled through civil legal processes. There is no global court or international authority capable of handling such cases across multiple jurisdictions.
- U.S. Assets = U.S. Courts: Assets located in the United States fall under U.S. law and can be pursued directly through American courts. This is where we have the strongest chance of freezing and recovering assets.
- Other Jurisdictions: While our case focuses on U.S.-based recoveries, assets traced to other regions (such as the European Union) will require separate civil actions within those jurisdictions. Future victims’ groups may organize similar efforts in their respective regions.
By staying focused on the U.S., we are working within a clear legal framework where recovery is possible and enforceable.
Current Figures
- Identified Assets: $276.5 million (U.S.-based, recoverable)
- Primary Plaintiff Claims: $197.48 million (documented)
- Legal Fund Raised: $201,000 of the $250,000 retainer required to secure counsel
The Path Ahead
- Investigators are finalizing their reports to prepare for use in court filings.
- Once the legal retainer is fully met, our attorneys will file to freeze and seize these assets.
- Litigation will then move forward with the goal of converting these identified assets into funds that can be distributed to victims under our structured recovery framework.
This is the strongest position we have been in since this effort began. With the majority of funds now traced and documented, and nearly all of the legal retainer raised, we are close to transitioning into the litigation stage that will make recovery possible.