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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

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