Man Sentenced To Three Years For Stealing $2.5 Million In Crypto

The Dublin Circuit Criminal Court on Tuesday gave two years eleven months sentenced to a 21 years old man for stealing over $2 million in cryptocurrencies.

According to reports, Conor Freeman pleaded guilty to knowingly engaging in possession of the crime proceeds. At the time of the arrest, Freeman had 142.7 Bitcoins. Freeman also pleaded guilty to stealing $100,000 in cryptocurrency from Darran Marble on May 15th, 2018, stealing cryptocurrencies with an approximate value of $167,622.22 from Michael Templeman on May 18th, 2018, and stealing cryptocurrencies with an approximate value of $1,921,335 from Seth Sharpiro on May 16th, 2018.

Also, Freeman pleaded guilty to three counts of dishonestly operating a computer to make a gain on dates between May 15th and May 18th, 2018.

Freeman allegedly worked with five others to commit the crimes. They allegedly identified three potential victims on social media, where they obtained their emails, phone numbers, and addresses. The group transferred each victim’s phone numbers to a SIM card and recovered passwords and other information to help steal the cryptocurrencies.

Following his arrest, Freeman handed over an electronic wallet to the authorities. While he will be spending the next three years in prison, the US-based co-accused fate has not been made public.

Failed sea scooter escape

Authorities managed to arrest an alleged ringleader in a crypto Ponzi scheme after attempting to flee FBI agents. As per the reports, authorities arrest one Matthew Piercey. He was accused of operating two fraudulent firms that solicited million from unsuspecting victims by claiming to offer investment opportunities in crypto mining, life insurance, and other assets.

Piercey, a 44-year-old Shasta County man, reportedly tried to evade arrest for an hour. He first fled using his truck from his home in Redding, California. During the chase, the victim drove through the town’s residential area, veered off-road twice to the Interstate 5 highway. He later abandoned his truck at Lake Shasta’s edge, where he used a sea scooter to evade arrest. Unfortunately for him, he was arrested when he emerged from the lake.

The two firms are believed to have received $35 million from investors in the last five years. The firms allegedly targeted wealthy investors who were required to make a minimum investment of $50000. Following his arrest, Piercey now faces multiple wire fraud charges, money laundering, mail fraud, and witness-tampering.

In the investigations, authorities discovered that Piercey had spent $2.5 million to renovate his two homes and paid his credit card bills. Another $1 million was spent by his accomplice, Kenneth Winton, on a houseboat. The two also spent $8.8 million of the raised funds to create the illusion that they were running a legit company.

Piercey allegedly admitted to one of his associates that his companies did not exist. Additionally, reports indicated that he had little knowledge of cryptocurrency investment.

Sometimes it’s almost impossible to apprehend perpetrators of crypto crimes but thanks to the continued efforts of authorities to serve justice to victims of these frauds.