Crypto Trader Running $5M ‘Ponzi-like’ Scheme Faces Nearly 4 Years in Prison: DoJ

– Jeremy Spence, a 25-year-old Rhode Island crypto trader, also known as Coin Signals on social media channels, has been sentenced to 42 months in prison for defrauding 170 people for more than $5.37 million.

– Spence operated several crypto investment funds between November 2017 and April 2019, including the Coin Signals Bitmex Fund, the Coin Signals Alternative Fund, and the Coin Signals Alternative Coin Signals Long Term Fund.

– To further deceive investors and keep raising money, Spence forfeited account balances and used fresh funds to cover up losses and make payouts to old investors.

– In February, the crypto world was rocked by the news that the DoJ had seized $3.6 billion worth of Bitcoin stolen in the 2016 Bitfinex hackand rapper Heather “Razzlekhan” Morgan and her husband Ilya Lichtenstein were arrested on charges related to the hack.

 

 

bitcoin handcuffs gID 5 Crypto Trader Running $5M 'Ponzi-like' Scheme Faces Nearly 4 Years in Prison: DoJ
Crypto Trader Running $5M 'Ponzi-like' Scheme Faces Nearly 4 Years in Prison: DoJ 2

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