An investment manager in the United States has been arrested on suspicion of operating a cryptocurrency Ponzi scheme worth over ten million dollars

According to ChainCatcher news, as reported by Coindesk, an investment manager from Ohio, Rathnakishore Giri, was arrested on Friday for allegedly running a cryptocurrency investment scam that raised at least $10 million from investors. Giri allegedly portrayed himself as an expert in cryptocurrency trading, proficient in Bitcoin derivatives, misleading investors. According to the indictment, Giri falsely promised investors that the funds they invested with him would yield substantial returns, with no risk to the principal.

Giri is currently facing five counts of wire fraud, and if convicted, each count could result in a maximum sentence of 20 years. (Source link)