Express

Gemcoin Founder Steve Chen Sentenced to 10 Years for $147M Crypto Scheme

Amy Liu

Summary: Gemcoin founder Steve Chen was sentenced Monday to 10 years for running one of the largest early cryptocurrency investment schemes. Chen, 63, admitted last February to peddling $147 million in “gem coins” to over 70,000 investors from 2013 through 2015. Prosecutors have described it as a Ponzi scheme and a multi-level marketing scheme. Judge John ...

Gemcoin founder Steve Chen was sentenced Monday to 10 years for running one of the largest early cryptocurrency investment schemes. Chen, 63, admitted last February to peddling $147 million in “gem coins” to over 70,000 investors from 2013 through 2015. Prosecutors have described it as a Ponzi scheme and a multi-level marketing scheme. Judge John F. Walter additionally ordered Chen to pay the IRS $1,885,094 in back taxes.

By Amy Liu

Last Update:

Tags: ,,,
Link: Gemcoin Founder Steve Chen Sentenced to 10 Years for $147M Crypto Scheme   [Copy]
Next:

Related Articles

  • Global Financial Giants Enter Stablecoin Arena in Pivotal Shift 2 days ago
  • CRYPTO'S NEW PLAY: 24/7 STOCK TRADING 3 days ago
  • Gold’s $2.1 Trillion Plunge: Where Is The Smart Money Flowing Next? 10 days ago
  • GAEA Chat Singapore Concludes Successfully - A Recap of the Industry Thought Feast Duri... 27 days ago
  • U.S. SEC Clears Path for Institutional Crypto Custody, Recognizing State Trust Companie... October 1, 2025

    • You need to login to comment.