Authorities in the US have arrested a 27-year-old man suspected of raising $10 million by defrauding cryptocurrency investors.
Authorities arrested 27-year-old investment manager Rathnakishore Giri, who lives in Ohio, according to a statement by the US Department of Justice.
According to the statement made by the ministry, Giri is an investment expert and especially specializes in bitcoin derivatives he was deceiving.
Allegedly, Giri was raising money from investors, saying they would make huge profits. But Giri, who actually established a Ponzi scheme, to pay new investors money collected from old investors was using for. Giri will be charged with five different counts, including fraud, according to the US Department of Justice’s statements. Giri could face up to 20 years in prison if found guilty.