Scammer sentenced to seven years in prison for cryptocurrency scheme

A scammer has been convicted by a court in New Jersey in the United States for a scheme involving cryptocurrencies.

The criminal, named Blake Kantor, is sentenced to 86 months in prison. He also has to repay over $800 000 to his victims.

Victims invested in useless cryptocurrency

The fraud involved Blake Kantor getting people to invest in so-called binary options, whose value he greatly exaggerated.

Blake Kantor then got his investors to use their options to buy a cryptocurrency called ATM Coin. He said this was worth $600,000 when the value was in fact zero, Cointelegraph reports.

This is not the first time cryptocurrencies are used for fraud. In May, Trijo News wrote about nine people being charged for stealing over $2,4 million in cryptocurrencies.

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