Cryptocurrency Scammer Sentenced To 86 Months In Prison

by | Jul 2, 2019 | Cryptocurrency, Cryptocurrency News

Cryptocurrency | Scam | Prison | US | Fedral

The United States District Judge Sandra J. Feuerstein sentences a scammer who was found guilty in a cryptocurrency-related scheme, to 86 months in prison, as per a United States Department of Justice (DoJ) report on July 1.

In addition to the 86-month prison sentence, the 44-year old New Jersey resident Blake Kantor is ordered to pay restitution of $806,405, along with forfeiture of $1.5 million, and forfeiture of $153,000 of stolen proceeds. The said restitution will be distributed to the victims who fell for his scams.

The scams were run under a company dubbed as Blue Bit Banc (BBB) that offered binary options, an all or nothing form of investment based on the prices of securities, currencies and other investment values at payout time. Kantor reportedly faked the price data in order through a computer program in order to skew the payout scheme his favor.

Under his scheme, Kantor also convinced his investors to invest in a cryptocurrency ATM Coin with their BBB investments. Reportedly, Kantor managed to convince his investors that ATM Coin was worth $600,000, where it had no value at all.

As per CoinMarketCap, a cryptocurrency called ATMCoin (ATMC) indeed exist and its last known value was $2.26. As of press time, a warning message is shown upon clicking the URL provided on the cryptocurrency’s website.

“Your connection is not private. Attackers might be trying to steal your information from (for example, passwords, messages, or credit cards). Learn more.”

Last month, Joel Ortiz, a 21-year-old student from the U.S., charged for SIM-swapping hacks amounting to over $7.5 million in cryptocurrency has been sentenced to 10 years in prison, by the Santa Clara County’s District Attorney.

The convict has had allegedly hacked the cellphones of at least 40 individuals. A “prolific” SIM swapper, Ortiz managed to steal more than $5.2 million “in minutes” from a cryptocurrency entrepreneur in Cupertino, California, in just one crime that occurred in May 2018.

Read more: CME Bitcoin Futures Record $1.7 Billion High In Notional Value

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