Crypto fraudsters have resorted to different kinds of antics to prey on innocent investors recently, resulting in huge financial losses. The French national Thomas Clausi is the latest in a seemingly long line of crypto criminals to receive a jail sentence. His crime was selling a Ferrari for Bitcoin, which went against Morocco laws pertaining to digital assets. The Casablanca court ruled that he would have to serve an 18-month prison sentence and pay a fine of 3.4 million Euros ($3.7 million).

Several other crypto fraudsters have since been apprehended and brought to justice. Gilbert Armenta – the ex-lover of the "Cryptoqueen" Ruja Ignatove and Cooper Morgenthau, the former CFO of African Gold and a former SPAC perpetrator received respectively 5 and 3 years in prison.

Meanwhile, Do Kwon and Sam Bankman-Fried have been associated with notorious crypto scams worth multiple billions of dollars. They respectively face extradition and trial in either the USA or South Korea and the Bahamian court respectively. Whether they will end up in prison or not remains to be seen.

The cases of Clausi, Armenta, Morgenthau and the still in-process cases of Kwon and Bankman-Fried, serve as a serious reminder of the potential risks in the crypto market. Although authorities have taken steps to ensure the safety of users by proposing a pertinent regulatory framework for digital assets, customers still have to screen their investments thoroughly.



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