Ohio Man Gets 9 Years for $10M Bitcoin Trading Ponzi Scheme
Rathnakishore Giri, a 31-year-old investment manager from Ohio, was sentenced to nine years in prison and three years of supervised release for running a $10 million cryptocurrency Ponzi scheme. Giri promised investors guaranteed returns through Bitcoin derivatives trading but actually used new investors' funds to pay earlier participants, a classic Ponzi tactic. To gain trust, he showcased apparent wealth, including luxury cars, watches, and private jet trips. Giri continued to solicit new victims even after pleading guilty to wire fraud in October 2024 and while awaiting sentencing. The case highlights a surge in cryptocurrency fraud in the U.S., with Americans losing over $11 billion to crypto-related crimes in 2025, a 22% increase from the previous year. Authorities are increasing efforts to prosecute such schemes, including recent cases involving multimillion-dollar crypto fraud and high-profile arrests linked to major financial institutions.
