cryptocurrency

US Department of Justice sanctions man to 5 years in prison for crypto fraud

  • Joshua David Nicholas was the “Prime Trader” for EmpiresX according to the Department of Justice.
  • The exchange was a scam that stole $100 million worth of digital assets.

Florida-born Joshua David Nicholas has pleaded guilty to defrauding investors of $100 million in digital assets by participating in cryptocurrency network EmpiresX. As a result, he may spend up to five years in federal prison.

The US government arrested a new criminal gang based in Florida last month. Three Miami residents, Esteban Cabrera da Corte, Luis Hernandez Gonzalez and Asdrobal Ramirez Meza, face up to 30 years in prison for their role in a $4 million bank and crypto scam.

Artificial intelligence and human intelligence to increase profits

US Department of Justice (Ministry of Justice) He released a statement claiming that Joshua David Nicholas was a “lead trader” for EmpiresX, a cryptocurrency exchange that promised users “guaranteed” profits.

However, the exchange was a scam that stole $100 million worth of digital assets from unsuspecting investors. Nicholas and a few of his colleagues lied to customers for the entire lifespan of the company, saying they used to AI And human intelligence to increase profits.

like the other after, afternzi schemes, EmpiresX never bothered to register with the financial authorities or take any other precautions to ensure that the company could operate legally.

The platform’s head pleaded guilty to conspiracy to commit securities fraud. Since he has already confessed to his crimes, he faces a maximum of five years in a federal prison. The court will consider US sentencing guidelines before issuing a final ruling, and therefore no sentencing date has been set.

All users who believe they may have been victims of the scam are urged to report it on the US Department of Justice website. As a result, they will learn more about filing an impact statement and getting compensated.

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