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

  • The Road to 2026: Where Is the Web3 Ecosystem Heading Next? 13 days ago
  • Vishwa Advances Agentic Infrastructure Research Through Contribution to Emerging Framew... 29 days ago
  • BitMart US Launches Operations with 49-State Licensing and Zero-Fee Program November 17, 2025
  • Global Financial Giants Enter Stablecoin Arena in Pivotal Shift October 30, 2025
  • CRYPTO'S NEW PLAY: 24/7 STOCK TRADING October 29, 2025

    • You need to login to comment.