Judge sentences trio for their role in a crypto-related Ponzi mining scheme

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank ChaparroThree people were sentenced on Tuesday for their roles in conducting a Ponzi scheme that tricked people into investing in a “purported” crypto mining and trading firm called AirBit Club.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.

Attorney Scott Hughes, who officials said laundered about $18 million in AirBit Club fraud proceeds, was sentenced by a U.S. district judge to 18 months in prison on Tuesday. Cecilia Millan, who was a senior level promoter at the company, was sentenced to five years in prison, and Karina Chairez was sentenced to just under a year, the U.S. Attorney's Office for the Southern District of New York said on Tuesday.

“Pyramid schemes like AirBit Club would not be possible without facilitators like Hughes, Millan, and Chairez,” said U.S. Attorney Damian Williams in a. “Today’s sentences send a message that anyone who facilitates cryptocurrency investment schemes — not only those at the very top of the pyramid — will face serious consequences for such crimes.”

Last week co-founders Pablo Renato Rodriguez and Gutemberg Dos Santos were sentenced to 12 years in prison, according to authorities.The five “induced” victims to invest in AirBit Club, falsely promising profits in exchange for investments in club “memberships” and said that AirBit Club earned returns on crypto mining and trading.

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