Ohio Man Sentenced to 9 Years for $10M Bitcoin Ponzi Scheme

According to the Department of Justice, investment manager Rathnakishore Giri, 31, of Ohio, was sentenced on May 18 to nine years in federal prison for operating a $10 million cryptocurrency Ponzi scheme. Giri pleaded guilty to one count of wire fraud in October 2024 and received three years of supervised release.

The scheme involved falsely promising guaranteed returns on Bitcoin derivatives trading while using funds from new victims to pay earlier investors. Prosecutors noted that Giri created a deceptive image of wealth through luxury purchases including two Lamborghinis and high-end watches. Despite his guilty plea, Giri continued soliciting funds from new cryptocurrency investors while on pretrial release, causing additional harm before sentencing.