The Brooklyn Federal Court in the United States sentenced Dwayne Golden, a key figure in a cryptocurrency Ponzi scheme, to 97 months (approximately 8 years) in prison. The total damage amount exceeds $40 million (approximately 55.6 billion won).
According to the US Department of Justice, Golden led a multi-level fraud scheme through virtual asset companies Empowercoin, Ecoinplus, and Jetcoin. He attracted massive funds by promoting cryptocurrency trading opportunities that supposedly could generate profits for anyone. However, no actual trading took place, and the collected funds were either paid to existing investors as fake returns or used for the luxuries of his accomplices.
Federal prosecutors pointed out that their business structure was a typical *Ponzi scheme*. The explanation was that it was designed to simulate returns for existing investors using newly injected funds, making the operation unsustainable after a certain point. Eventually, the three companies closed down immediately after raising investments, and many victims lost their entire assets.
A prosecutor handling the case stated, "The defendant deceived numerous investors for greed and caused significant damage" and that "this sentence is a strong warning from judicial authorities against cryptocurrency-related fraud crimes."
This verdict came as US authorities continue to strictly crack down on financial fraud involving cryptocurrencies. Voices are growing that thorough law enforcement is necessary to restore trust in the digital asset market.
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