AirBit Club Co-founder Sentenced to 12 Years in $100 Million Crypto Scam Case

Co-founder of AirBit Club, a crypto pyramid scheme that scammed over $100 million, sentenced to 12 years in prison

Seven months ago, Pablo Rodriguez, AirBit Club co-founder, pleaded guilty to wire fraud conspiracy charges

Damian Williams, US Attorney, Southern District of NY, stated Rodriguez preyed on unsophisticated investors with false promises of legitimate crypto trading

Instead of investing, Rodriguez hid funds in a complex laundering scheme, using Bitcoin and shell companies for personal gain

District Court Judge George B. Daniels imposed 3 years of supervised release in addition to the 12-year prison sentence

Rodriguez ordered to pay $65 million forfeiture, surrender 3,800 Bitcoins, property, and more, totaling $100 million

Other AirBit Club defendants also pleaded guilty and await sentencing verdicts

In 2022, $7.6 billion was lost to crypto Ponzi schemes, highlighting the need to be cautious in the crypto space.