prison

Former Singapore Navy personnel Zhang Rongxuan (35 years old, phonetic) was sentenced to six years and ten months in prison after stealing 1.7 million Tether (nearly 2.3 million Singapore dollars) from a friend's cold wallet, which he spent on luxury watches, gambling, and paying off a mortgage.It is reported that Zhang Rongxuan was a member of the Naval Diving Unit at the time of the incident, holding the rank of captain. After getting to know the victim, he also co-managed a non-fungible token trading platform with friends, which is affiliated with Upstairs Research Pte Ltd and owned by DiGi Selection Holdings Pte Ltd. After security companies tracked the cryptocurrency wallet, Zhang Rongxuan admitted that he committed the crime due to suffering significant losses from the collapse of the FTX exchange.

The People's Court of Haidian District, Beijing, disclosed a case involving virtual currency "box opening." The defendant illegally obtained citizens' personal information through encrypted communication tools and other channels, unlawfully acquiring over 900 million pieces of information data, building a "social engineering database" website storing over 170 million pieces of citizens' personal information, and profiting by selling it in exchange for virtual currency. Additionally, they used encrypted communication tools to establish a "box opening hang person" group to publish illegal information that infringes on privacy.The court sentenced the principal offender, Lin, to 7 years in prison for the crime of infringing on citizens' personal information and the crime of illegally using information networks, and imposed a fine of 70,000 yuan.

According to Forbes, SBF's early investment portfolio is being re-evaluated by the market, with some opinions suggesting that if he had not been imprisoned due to the FTX collapse, his venture capital layout could theoretically yield a wealth increase of up to about $100 billion.Before the FTX collapse, SBF had established an investment landscape covering several star companies, including Anthropic, SpaceX, Robinhood, and the AI programming tool Cursor, which was considered to have significant foresight.Industry insiders pointed out that he had bet on key tracks ahead of the AI wave, among which: Cursor recently reached a partnership with SpaceX, with a valuation potentially reaching $60 billion, and Anthropic's valuation is nearing $90 billion. Rory O'Driscoll, a partner at Scale Venture Partners, stated that SBF had laid out investments in several core AI companies before ChatGPT, "demonstrating a rare investment sensitivity." However, this "investment talent narrative" was ultimately completely altered by the FTX collapse.SBF is currently serving a 25-year sentence for misappropriating over $8 billion in customer funds. At his peak, his personal wealth reached about $24 billion, and he made it onto the Forbes 400 list. Today, his venture capital capabilities are intertwined with his history of financial crime, making him one of the most controversial cases in cryptocurrency history.

According to Forbes, a U.S. court sentenced Robert Dunlap, the operator of the cryptocurrency scam Meta-1 Coin, to 23 years in prison. He was accused of defrauding approximately 1,000 investors through a fraudulent cryptocurrency investment project from 2018 to 2023, with the amount involved exceeding $20 million.According to the U.S. Department of Justice, Dunlap claimed that the "Meta-1 Coin" he issued was backed by $44 billion in gold reserves and $1 billion worth of artworks by Picasso, Dali, Van Gogh, etc., and promised a maximum return rate of 224,923%, while providing investors with forged audit documents and insurance materials.Investigations revealed that the so-called gold and art assets did not exist, and the "Meta Exchange" website he built used automated trading bots to create the illusion of profits. The related tokens were never actually issued on-chain. Investor funds were subsequently used to purchase luxury items, including Ferraris.It is worth noting that the U.S. Securities and Exchange Commission had already filed a civil fraud lawsuit against Dunlap in 2020, but he continued to operate the project until he was criminally charged in 2024. The FBI stated that the case "destroyed the wealth and trust accumulated by many victims over the years."

The South Korean prosecution has formally requested the court to sentence the former CEO of the cryptocurrency platform Delio, Jeong Sang-ho, to 20 years in prison, accusing him of committing large-scale economic fraud. In the closing statement at the Southern District Court of Seoul, the prosecution cited the local economic crime aggravated punishment law, directly pointing out that the suspect had long deliberately deceived and falsely advertised, causing approximately 2,800 investors' funds to be trapped and difficult to redeem.The prosecution pointed out that the defendant had a clear subjective intent to defraud, the losses involved were enormous, and he subsequently refused to cooperate with the investigation and deliberately shirked responsibility, continuously exacerbating the losses and difficulties faced by the victims. Therefore, they are seeking a strict sentence according to the law.

According to the Los Angeles Times, 22-year-old Evan Tangeman from Newport Beach was sentenced to 70 months in federal prison for money laundering for a young fraud gang.Tangeman admitted that the gang laundered at least $3.5 million, which was obtained by stealing over $263 million in cryptocurrency from investors through social engineering tactics such as impersonating employees of cryptocurrency trading platforms. Tangeman's compensation included luxury sports cars like Lamborghinis and Porsches. Federal agents seized a black 2022 Rolls-Royce Ghost (worth over $300,000) and a Porsche GT3 RS from his home.The gang is referred to as the "crypto kids," consisting of teenagers who used the stolen funds to rent luxury mansions and private jets, purchase luxury goods, and spend up to $500,000 in a single night at nightclubs. Tangeman also instructed others to destroy digital devices after gang members were arrested.

According to The Block, a U.S. court sentenced a woman from Saipan to 71 months in prison for her involvement in a Bitcoin-related fraud scheme that affected multiple elderly victims.The report stated that the defendant induced the victims to invest in Bitcoin under false pretenses by establishing a trusting relationship with them. The case was identified as a fraud scheme targeting multiple individuals.

According to Cointelegraph, 22-year-old resident Evan Tangeman from California was sentenced to 70 months in prison on Friday for participating in a crime that involved stealing approximately $263 million in cryptocurrency from victims through social engineering scams and burglary.According to a statement from the U.S. Department of Justice (DOJ), Tangeman pleaded guilty to related charges in December 2025 and admitted to assisting members of the criminal organization in laundering at least $3.5 million in illegal funds. The DOJ stated that in addition to imprisonment, he was also sentenced to three years of supervised release.

According to the U.S. Department of Justice, 22-year-old Evan Tangeman from Newport Beach, California, was sentenced to 70 months in prison and 3 years of supervised release by a federal court in Washington, D.C. for his involvement in an interstate social engineering crime group that assisted in laundering at least $3.5 million.The crime group has been operating since October 2023, stealing over $263 million in cryptocurrency through hacking, social engineering, and other means. Most members are unemployed youths, either minors or under 20 years old, originating from online gaming platforms. Tangeman was responsible for converting the stolen cryptocurrency into fiat currency and leasing luxury homes for group members in places like Los Angeles and Miami, and he also received luxury cars such as Bentleys and Lamborghinis as payment. After the incident, Tangeman instructed his accomplices to destroy digital devices to eliminate evidence. The case is being jointly investigated by the FBI's Washington, Los Angeles, and Miami field offices along with the IRS Criminal Investigation Division, and so far, 9 individuals involved have pleaded guilty.

According to South Korean media Newsis, a company finance employee in their 20s was sentenced to 3 years in prison by the Busan District Court for embezzling funds for cryptocurrency investments.The court found that between 2021 and 2025, they transferred company funds to personal accounts approximately 680 times, embezzling a total of about 570 million won, and used the related funds for trading cryptocurrencies, overseas travel, and living expenses; they also forged company deposit trust balance certificates to cover up the crime.

According to the U.S. Department of Justice, Robert Dunlap, a man from Texas, was sentenced to 23 years in prison by Federal Judge LaShonda A. Hunt for orchestrating a cryptocurrency scam that defrauded nearly 1,000 investors of over $20 million.Between 2018 and 2023, Dunlap claimed to operate a cryptocurrency business and sold a fraudulent digital asset called "Meta-1 Coin" through the "Meta-1 Coin Trust." He spread multiple false statements to potential and actual investors, claiming that the token was backed by artwork valued at up to $1 billion and $44 billion in gold, and falsely stated that an accounting firm had audited the gold and certified its value. The so-called art collection allegedly included works by renowned artists such as Picasso, Dali, and Van Gogh. To cover up the fact that he did not actually hold the aforementioned gold or artwork, Dunlap forged a batch of legal documents.

According to Decrypt, the Cambodian National Assembly has unanimously passed a new bill to combat online fraud, targeting operators of large-scale scam operations that utilize cryptocurrency, with a maximum penalty of life imprisonment. The bill is still pending review by the Senate and final approval from King Norodom Sihamoni.Under the bill, the core leaders of scam groups will face 15 to 30 years in prison, and if death results, they could be sentenced to life imprisonment; organizers can be sentenced to up to 20 years and fined heavily, while participants may face 2 to 5 years in prison and fines of up to $125,000.Analysis indicates that cryptocurrency scams such as "pig butchering" have rapidly spread in Southeast Asia in recent years, relying on cryptocurrency for cross-border transfers and money laundering, with annual amounts involved reaching hundreds of billions of dollars. Such crackdowns may lead to scams "shifting rather than disappearing," and the key lies in whether there is simultaneous action against corruption protection, money laundering networks, and cross-border capital flow systems.

According to China News Weekly, the People's Court of Honggang District in Daqing City, Heilongjiang Province recently announced a first-instance judgment. Two men were sentenced for stealing electricity from high-voltage lines in an oil field for Bitcoin mining. The principal offender, Zhang, was sentenced to 10 years in prison and fined 50,000 yuan, while the accomplice, Zhao, was sentenced to 4 years and 10 months in prison and fined 20,000 yuan.According to the judgment, in September 2024, Zhang illegally connected to the high-voltage line of an oil field in Daqing and set up 24 Bitcoin mining machines in an abandoned pigsty he rented. In December of the same year, Zhao joined in knowing that Zhang was stealing electricity and purchased an additional 12 mining machines, bringing the total to 36 machines running. In August 2025, the two were arrested by the public security authorities.It was calculated that Zhang stole 565,375.2 kilowatt-hours of electricity, valued at 438,580.52 yuan; Zhao stole 468,060 kilowatt-hours, valued at 363,750.78 yuan. The court determined that both men committed theft, with Zhang as the principal offender and Zhao as the accomplice. The court also ordered Zhang to repay 438,580.52 yuan, and Zhao to bear joint repayment responsibility for 363,750.78 yuan. The mining machines and related equipment involved in the case will be handled by the public security authorities in accordance with the law.

The People's Court of Honggang District, Daqing City, Heilongjiang Province recently announced a first-instance judgment. Two men were sentenced for stealing electricity from high-voltage lines in an oil field to mine Bitcoin. The main offender, Zhang, was sentenced to 10 years in prison and fined 50,000 yuan, while the accomplice, Zhao, was sentenced to 4 years and 10 months in prison and fined 20,000 yuan.According to the judgment, Zhang illegally connected to the high-voltage line of an oil field from a certain oil extraction plant in Daqing and set up 24 Bitcoin mining machines in an abandoned pigsty he rented. In December of the same year, Zhao joined in knowing that Zhang was stealing electricity and purchased an additional 12 mining machines, bringing the total to 36 machines running. In August 2025, the two were arrested by the public security authorities. It was calculated that Zhang stole 565,375.2 kilowatt-hours of electricity, valued at 438,580.52 yuan; Zhao stole 468,060 kilowatt-hours, valued at 363,750.78 yuan. The court found both men guilty of theft, with Zhang being the principal offender and Zhao the accomplice. The court also ordered Zhang to compensate 438,580.52 yuan, while Zhao was jointly liable for 363,750.78 yuan of that amount. The mining machines and related equipment involved in the case will be handled by the public security authorities in accordance with the law.

According to Cryptopolitan, the Russian government has submitted a bill to the State Duma to hold illegal cryptocurrency mining activities criminally liable, with a maximum penalty of five years in prison and a fine of up to 2.5 million rubles (approximately $25,000). Currently, about 50,000 individuals and entities in Russia are engaged in mining activities, but fewer than 1,500 have completed registration.Meanwhile, Russia has extended the mining ban to the Republic of Buryatia and the Transbaikal Territory, lasting five years until March 15, 2031. The mining ban currently covers 13 regions, including Irkutsk, Donetsk, Luhansk, Zaporizhzhia, Kherson, and several republics in the North Caucasus. The Energy Minister of Moscow Oblast has proposed banning mining in Moscow and the region to alleviate the load on the power grid. Russia is one of the top three destinations for Bitcoin mining globally, but the government is prioritizing the use of computing power for artificial intelligence applications.

The U.S. prosecution has charged a Maryland man, Jonathan Spalletta, with multiple attacks on the decentralized exchange Uranium Finance since 2021, involving approximately $54 million, and he has now been formally indicted.According to the indictment released by the U.S. Attorney's Office for the Southern District of New York, Spalletta faces two charges of computer fraud and money laundering, each carrying a maximum sentence of 10 years and 20 years in prison, respectively, with a total maximum sentence of 30 years. The prosecution claims that Spalletta manipulated smart contract trading processes to create false profits, thereby illegally withdrawing more funds than he was entitled to, ultimately causing severe damage to the exchange and even leading to its collapse. Furthermore, the investigation indicated that he used part of the illegal proceeds to purchase collectibles, including a piece of fabric from the Wright brothers' airplane that was taken to the moon by astronaut Neil Armstrong during the Apollo 11 mission. The prosecution emphasized that crypto assets are also protected by law, stating that "the so-called 'cryptocurrency is just virtual assets' cannot be an excuse for theft."

A man in Singapore was sentenced to two years in prison for assisting a former colleague in illegally transferring and laundering approximately 8.83 million Singapore dollars (about 6.5 million US dollars) in cryptocurrency assets.The case revealed that three former employees, after leaving due to disputes, hacked into the cryptocurrency trading platform SafeX, a subsidiary of their former company DLT Ltd, and transferred funds in three transactions between June and August 2025. The individuals involved received the funds through their wife's account, converted them multiple times into Bitcoin and the stablecoin USDT, and dispersed them into multiple wallets to conceal their flow. Some of the funds have been cashed out for personal expenses. One individual involved is still at large.

According to an announcement from the U.S. Attorney's Office for the Central District of California, former Los Angeles County Sheriff's Department Deputy Michael David Coberg was sentenced to 63 months in federal prison and ordered to pay $127,000 in restitution for assisting cryptocurrency scammer Adam Iza in extortion and false arrest.Coberg served as Iza's business partner and advisor, earning a salary of at least $20,000 per month. In October 2021, Coberg participated in bringing a victim to Iza's residence, where Iza threatened the victim with a gun, and Coberg interrogated the victim in his capacity as an on-duty law enforcement officer, forcing the victim to transfer $127,000 to Iza's account. In September 2021, Coberg conspired with Iza and others to lure another victim from Miami to Los Angeles, arresting him through a fabricated traffic stop and illegal drug possession charges.Coberg pleaded guilty in September 2025 to conspiracy to commit extortion and conspiracy to violate civil rights. Iza has been in federal custody since September 2024, has pleaded guilty to federal charges, and is awaiting sentencing.