- A man from New Jersey ran a cryptocurrency binary options scam, which he has been found guilty of.
- Blake Kantor was using fake data via a computer program to skew a payment scheme in his favour, scamming his victims.
The United States Department of Justice (DoJ) reported that a scammer has been sentenced to 86 months in prison after they were found guilty for running a cryptocurrency-related scheme.
The 44-year old New Jersey resident known as Blake Kantor, has additionally been ordered to pay restitution of $806,405 distributed to the victims who invested in his scam. Furthermore a forfeiture of $1.5 million, and forfeiture of $153,000 of stolen proceeds.
In terms of the scam, this was done through a company known as Blue Bit Banc (BBB) which offered binary options. Kantor was using a computer program to fake the price data in order to skew the payout scheme in his company’s favor.
Share
