Crypto Scammer Sentenced To 86 Months In Prison By Federal Judge

Crypto scammer from New Jersey was sentenced to 86 months in prison after running a crypto scheme in the United States. The US Department of Justice issued reports about the arrest about the decision which we are reading more about in the latest cryptocurrency news below.

According to the DOJ reports, the court decided on a 86-month prison sentence more specifically the United District Judge Sandra J. Feuerstein, ordered the 44-year old resident of New Jersey Blake Kantor to pay a maximum fine of $806,405 in order to get the money back to the victims to invest in his scam as well as forfeiture of $1.5 million and an additional forfeiture of $153,000 of the stolen proceeds.

The scam operated by the 44-year crypto scammer was conducted by the company Blue Bit Banc (BBB) which offered binary options which were a form of investment based on the prices of securities, other investment values, and currencies at payout time.
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However, Kantor used a specially designed computer program to fake the price data just to make sure that the payout scheme is skewed in the company’s favor. The other primary aspect of the scam was that Kantor convinced his investors to buy the ATM coin cryptocurrency with their BBB investments. Kantor reportedly explained to the investors that the ATM coin was worth more than $600,000 when in fact had no value at all.

According to the data on CoinMarketCap, there is actually a cryptocurrency called ATMCoin (ATMC) which had a price of $2.26 but at press time, after trying to follow the URL provided for the cryptocurrency website, the results came out with a warning message on Chrome as noted in the coming altcoin news:

 “Your connection is not private. Attackers might be trying to steal your information from www.atmcoin.com (for example, passwords, messages, or credit cards). Learn more.”

As noted previously, the United States Department of Justice, charged a hacker group called ‘’The Community’’ had multiple charges including wire fraud, conspiracy to commit wire fraud and aggravated identity theft. The accused group was also involved in SIM swapping in order to steal users’ information with the help of two-factor authentication. The group also used the control of these phone numbers in order to steal around $2.5 million via crypto exchanges and wallets.