Ian Freeman Ordered To Pay $3.5m in Crypto Scam

CS Web Team
By CS Web Team 2 Min Read

Ian Freeman, involved in a cryptocurrency scam, must repay $3.5 million to victims. Seized Bitcoins fund the compensation

The people who were duped by a cryptocurrency scam in which New Hampshire libertarian activist Ian Freeman took part in December 2022 have ordered him to pay back $3.5 million. In order to launder money for romance scammers, Freeman was involved in operating an unlicensed bitcoin exchange.

The money came from more than 100 Bitcoins that were taken from Freeman following his conviction, and the court ordered him to return the money to the 29 victims who were impacted. It was possible for the Department of Justice to exchange the cryptocurrency for US cash. Freeman’s enterprise, according to U.S. Attorney Jane Young, caused vulnerable victims a great deal of distress. It is uncommon for victims of romance scams to get their losses back, she said.

Prosecutors claimed that Freeman did not properly register his Bitcoin exchange company. In order to avoid paying taxes on his possessions, he also established a church. Prosecutors claimed that Freeman did not properly register his Bitcoin exchange company. Ian Freeman received an 8-year prison term and a $40,000 fine.

A group known as the Crypto Six was involved in the case. On suspicion of wire fraud, three more members entered guilty pleas. Operating an unauthorized money transmitter business was the fourth member’s admission of guilt.

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