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California Man Sentenced to 51 Months in Prison for $37 Million Cryptocurrency Scam

Summary: In a recent announcement, the US Department of Justice revealed that a resident of La Quinta, California has been sentenced to 51 months in prison for his involvement in a global cryptocurrency scam involving $37 million, and ordered to pay $26.9 million in restitution. The individual and his accomplices used a Bahamian company, Axis Digital, ...

In a recent announcement, the US Department of Justice revealed that a resident of La Quinta, California has been sentenced to 51 months in prison for his involvement in a global cryptocurrency scam involving $37 million, and ordered to pay $26.9 million in restitution. The individual and his accomplices used a Bahamian company, Axis Digital, to receive funds, which were then transferred to a bank account at Deltec Bank and converted to USDT before being sent to a fraudulent wallet. This case is part of the Department of Justice's ongoing efforts to combat transnational 'piggy bank' cryptocurrency scams and money laundering networks. (Decrypt)

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