Fun

News Feed - 2023-10-04 05:10:35

Helen Partz23 minutes agoCrypto Ponzi scheme AirBit: All but one exec now sentencedAirBit Club co-founder Dos Santos is now the last AirBit defendant not yet sentenced but is scheduled to learn his fate on Oct. 4, 2023.102 Total views1 Total sharesListen to article 0:00NewsJoin us on social networksThe United States District Court for the Southern District of New York is progressing with the sentencing procedure of key individuals behind the cryptocurrency Ponzi scheme AirBit Club.


The office of the U.S. attorney for New York on Oct. 3 announced the sentencing of three of the five surviving defendants in the AirBit case, including Scott Hughes, Cecilia Millan and Karina Chairez. The sentences came months after all three defendants pleaded guilty to money laundering and other charges in the AirBit case in early 2023.


Hughes, an attorney who allegedly laundered approximately $18 million in AirBit Club fraud proceeds, was sentenced to 18 months in prison. Millan, a senior-level promoter of AirBit Club, was sentenced to five years in prison. Chairez, another senior-level promoter of AirBit Club, was sentenced to one year and one day in prison.


Additionally, Hughes was sentenced to three years of supervised release. Millan and Chairez were also sentenced to three years and three months of supervised release, respectively.


The AirBit Club scheme was launched in late 2015 and was promoted as a “multi-level marketing club” in the cryptocurrency industry. The defendants provided promising presentations to trick investors into thinking that AirBit Club had guaranteed daily returns from crypto mining and trading. But instead of funding AirBit’s promoted crypto operations — which in fact had never been the case — $100 million of investors’ money went to the pockets of its founders and promoters.


Despite some users complaining about withdrawal delays and hidden fees in early 2016, the AirBit Club scheme managed to maintain its fraudulent activity until 2020.AirBit Club presentation by Cecilia Millan from 2019. Source: YouTube


Announcing the sentences, U.S. attorney Damian Williams stressed that Hughes, Millan and Chairez each played a key role in perpetuating the AirBit Club pyramid scheme.


Related:5 highlights of Sam Bankman-Fried’s first day of trial


“At the top-tier of promoters, Millan and Chairez for years aggressively solicited investments from and misled hardworking and unsophisticated investors to line their own pockets,” Williams said, adding:“Today’s sentences send a message that anyone who facilitates cryptocurrency investment schemes — not only those at the very top of the pyramid — will face serious consequences for such crimes.


This comes after AirBit Club co-founder Pablo Rodriguez was sentenced to 12 years in prison in late September 2023. Dos Santos, another co-founder who has pleaded guilty to charges including wire fraud conspiracy, money laundering and bank fraud conspiracy, is scheduled to be sentenced on Oct. 4, 2023.


Santos will be the last defendant to be sentenced out of a total six defendants behind AirBit Club. Jackie Aguilar, who pled guilty in February 2023, reportedly passed away in May, a few weeks prior to sentencing.


Magazine:Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis# Bitcoin# Ponzi Scheme# Fraud# Law# Scams# RegulationAdd reactionAdd reactionRead moreHow to earn passive income with peer-to-peer lendingExpect new crypto regulations to follow Bitcoin ETFsETF filings changed the Bitcoin narrative overnight — Ledger CEO

News Feed

Brayden Lindrea1 hour agoCrypto offers Africans a ‘lifeline’ from inflation and corruption, say execsChris Maurice, founder and CEO of crypto exchange Yellow Card said in Africa, crypto isn"t the "casino" t
Helen Partz10 hours agoTether credits USDT growth surge to ETF excitement, emerging marketsTether’s USDT added at least $20 billion to its market capitalization in 2023, while rival stablecoin USDC lost the same amount
GameStop Inspired a Lingerie MMA League to Buy Bitcoin: SUBBD Token Soars?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum MVRV Ratio Nears 160-Day MA Crossover – Accumulation Trend Ahead?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UK Police Return $5.4 Million to Cryptocurrency Fraud Victims
UK Police Return $5.4 Million to Cryptocurrency Fraud Victims The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say tha
US Court Convicts ‘My Big Coin’ Founder in $6 Million Fraudulent Cryptocurrency Scheme
US Court Convicts "My Big Coin" Founder in $6 Million Fraudulent Cryptocurrency Scheme A federal jury has convicted the founder of “My Big Coin” in a fraudulent schem
Commissioner Mark Uyeda calls SEC’s approach to crypto filings ‘problematic’
Tom Mitchelhill2 hours agoCommissioner Mark Uyeda calls SEC’s approach to crypto filings ‘problematic’Tucked away in a footnote as part of a recent statement, the SEC commissioner said his agency’s current approa
What we know about Kamala Harris' views on crypto
Tristan Greene4 hours agoWhat we know about Kamala Harris" views on cryptoWith Joe out of the race, all bets are off.6584 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this ar
Solana Monthly Candle Reclaims Key Levels – Is $240 The Next Target?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin holders falling by 670K is a good sign for rebound: Santiment
Martin Young3 hours agoBitcoin holders falling by 670K is a good sign for rebound: SantimentThe trend could suggest investors aren’t confident enough to come back into the market yet, which only increases the chances f
Bitcoin, Ethereum Technical Analysis: ETH Moves Towards $1,700, BTC Largely Unchanged
Bitcoin, Ethereum Technical Analysis: ETH Moves Towards $1,700, BTC Largely Unchanged Ethereum moved closer to $1,700 in today’s session, as prices continued to rebound foll
HSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England
HSBC Acquires Silicon Valley Bank UK — Sale Facilitated by Government, Bank of England The British government and the central bank, the Bank of England, have facilitated a privat