An Ohio man has been sentenced to nine years in prison for running a $10 million cryptocurrency Ponzi scheme.

CoinFeed reported on May 19 that, according to The Block, the U.S. Department of Justice sentenced Ohio resident Rathnakishore Giri to nine years in prison for operating a multi-year investment fraud scheme that defrauded investors of at least $10 million. Giri pleaded guilty to one count of wire fraud in 2024. In a revised plea agreement filed before the sentencing hearing, Giri admitted to continuing to raise funds from investors after pleading guilty. The Department of Justice stated that Giri falsely promised high returns and guaranteed principal protection, actually using funds from new investors to repay older investors, constituting a classic Ponzi scheme. The Commodity Futures Trading Commission previously accused Giri of operating a Bitcoin derivatives scheme through multiple entities since 2019 and initiated enforcement action in August 2022. The Department of Justice filed five counts of wire fraud against him in November 2022.