简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Five individuals have been sentenced for their involvement in Austria’s largest cryptocurrency fraud, scamming $21.6 million from investors. The lavish lifestyle they funded has shocked many.
Cryptocurrency frauds continue to make headlines, with one of the most serious instances being resolved in Austria. Five people were jailed for scamming 40,000 investors in a $21.6 million Bitcoin scheme. The operation, which revolved around the EXW Wallet and the EXW cryptocurrency token, has been dubbed the greatest fraud case in Austrian history.
One of the most notable features of this case was the fraudsters' lavish lifestyle. They used stolen money to buy luxury things and activities such as a shark tank, private plane flights, and even more than $100,000 for sex workers. The fraudsters partied in some of Dubai's most prestigious clubs and flew on private aircraft, flaunting their illicit fortune.
The stolen money was not only spent in Dubai but also returned to Austria in plastic bags. The operation was worldwide, but the absence of an extradition agreement between Austria and the United Arab Emirates posed legal challenges to the inquiry.
Launched in 2019, the EXW Wallet guaranteed daily earnings of 0.1% to 0.32%, attracting hundreds of investors with excessive hopes. The scammers also offered real estate investments, and they are now being investigated for another scheme involving a cannabis-related investment that reportedly scammed 17,000 victims of $17.2 million. Despite its grandiose claims, the EXW plan failed in 2020, leaving investors empty-handed.
The legal processes resulted in the sentencing of five people, two of them were sentenced to five years in jail, two others to 30 months, and one to 18 months. In addition to these punishments, five other offenders were acquitted, while others are still on the run.
This crypto fraud case serves as a sharp warning of the hazards connected with cryptocurrency investments, particularly when high-yield promises seem too good to be true. The scammers' opulent lifestyle serves as a warning story for investors and authorities. As the cryptocurrency world advances, so must the vigilance of individuals seeking to safeguard their money from such scams. With appeals pending, this issue may not be entirely settled, but it has already made an indelible impression on Austria's legal and financial history.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In the competitive world of forex trading, protecting the rights and interests of traders is paramount. Unfortunately, there are brokers who exploit traders' trust, leading to significant financial losses. One such case involves PO Trade, a forex broker that has come under scrutiny for allegedly defrauding its clients. This article highlights the experience of a victim, Abdel, who claims to have lost over $115 million in profits due to PO Trade’s unethical practices.
A 20-year-old fraudster has been charged in the United States with conspiracy to commit wire fraud and money laundering in connection with a large-scale cryptocurrency theft.
A Moroccan trader's encounter with repeated deposit demands and an inability to withdraw funds from Zenstox (VIE Finance Sey Ltd) exposes major concerns with the broker's transparency and highlights the importance of researching platforms before investing.
Binance Connect revamps to enhance fiat-to-crypto integration, offering seamless access to over 100 fiat currencies and 300 cryptocurrencies for Web3 projects, improving user experience.