Former executives of the cryptocurrency project IcomTech, suspected of a Ponzi scheme, have pleaded guilty to conspiracy to commit wire fraud, facing a maximum sentence of 20 years in prison

ChainCatcher news, former IcomTech executive Marco Ruiz Ochoa has pleaded guilty to his role in a cryptocurrency Ponzi scheme, admitting to a charge of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.

IcomTech is a so-called cryptocurrency mining and trading company that promised profits to investors in exchange for their purchase of "so-called cryptocurrency-related investment products," in which Marco Ruiz Ochoa and others promised profits from the company's cryptocurrency trading and mining operations to provide daily returns. Prosecutors stated that IcomTech's cryptocurrency trading and mining operations did not exist, and the investors' funds were used for other schemes and personal expenses.