A federal judge has sentenced the CEO of a major Bitcoin investment firm to 20 years in prison for orchestrating a massive Ponzi scheme that defrauded thousands of global investors of more than $200 million. The defendant lured victims by promising high-yield returns through a proprietary cryptocurrency trading algorithm that he claimed was risk-free. However, investigations revealed that no such trading occurred. Instead, the firm used funds from new investors to pay off earlier participants while the CEO siphoned off millions to fund a lavish lifestyle, including the purchase of luxury real estate and high-end vehicles. In addition to the prison sentence, the court ordered the forfeiture of all seized assets and mandatory restitution to the victims. Law enforcement officials stated that the severity of the sentence reflects the scale of the financial devastation caused and serves as a warning to those attempting to exploit the digital asset market.
Source: Bitcoin trading firm CEO sentenced to 20 years over $200 million ponzi scheme
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