Despite Bitcoin reaching an all-time high price of over $100,000 in 2024, the year also saw the conclusion of criminal cases involving several prominent leaders and scammers in the cryptocurrency industry.
One of the most notable cases involved FTX and Alameda executives. FTX, once a prominent cryptocurrency exchange with millions of users from various countries, declared bankruptcy in November 2022 due to liquidity problems. Former FTX CEO Sam “SBF” Bankman-Fried was extradited from the Bahamas to the United States and released on bond. However, his bail was revoked in August 2023, and he was held in a correctional facility. After being sentenced to 25 years, Bankman-Fried was transferred to the Metropolitan Detention Center in Brooklyn to assist with his appeal. Similarly, Alameda Research ex-CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Saboth pleaded guilty to fraud charges related to the collapse of the crypto exchange. Ellison received a two-year sentence, while Saboth was sentenced to seven-and-a-half years.
Tornado Cash co-founder Roman Storm was arrested on money-laundering charges a year after US Treasury officials added addresses associated with the cryptocurrency mixer to the department’s list of sanctioned entities. Storm is currently out on bail awaiting his trial in April 2025, while his colleague Roman Semenov remains on the FBI’s most-wanted list. In the Netherlands, Alexey Pertsev, another co-founder of Tornado Cash, was arrested for money laundering, found guilty, and sentenced to over five years in prison.
David Carmona, the founder of the crypto Ponzi scheme IcomTech, has been in US detention since his 2022 arrest and received a 10-year sentence in 2024. Two of the scheme’s promoters, Gustavo Rodriguez and David Brend, were also convicted. Rodriguez received an eight-year sentence, while Brend received 10 years and reported to the Federal Prison Camp in Pensacola, Florida, in December.
Ilya Lichtenstein and Heather Morgan, the husband and wife behind the laundering of millions of dollars worth of Bitcoin from the 2016 Bitfinex hack, have also been sentenced to prison. Morgan, also known as Razzlekhan, received an 18-month sentence and is scheduled to report to the facility on January 24. Lichtenstein’s custody status is unclear, but court filings suggest he is still in custody.
One of the most well-known figures associated with crypto-related crimes, Silk Road founder Ross Ulbricht, may be released in 2025. During his presidential campaign, Donald Trump promised to commute Ulbricht’s sentence. However, it remains uncertain if Trump will follow through on this promise. Ulbricht is currently serving a life sentence for money laundering, computer hacking, and conspiracy to traffic narcotics.
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