Reported by HELEN PARTZ

AirBit Club co-founder Dos Santos is now the last AirBit defendant not yet sentenced but is scheduled to learn his fate on Oct. 4, 2023. 

The United States District Court for the Southern District of New York is progressing with the sentencing procedure for key individuals behind the cryptocurrency Ponzi scheme AirBit Club.

On Oct. 3, the office of the U.S. attorney for New York announced the sentencing of three of the five surviving defendants in the AirBit case, including Scott Hughes, Cecilia Millan and Karina Chairez. The sentences came months after all three defendants pleaded guilty to money laundering and other charges in the AirBit case in early 2023.

Hughes, an attorney who allegedly laundered approximately $18 million in AirBit Club fraud proceeds, was sentenced to 18 months in prison. Millan, a senior-level promoter of AirBit Club, was sentenced to five years in prison. Chairez, another senior-level promoter of AirBit Club, was sentenced to one year and one day in prison.

The AirBit Club scheme was launched in late 2015 and was promoted as a “multi-level marketing club” in the cryptocurrency industry. The defendants provided promising presentations to trick investors into thinking that AirBit Club had guaranteed daily returns from crypto mining and trading. But instead of funding AirBit’s promoted crypto operations — which in fact had never been the case — $100 million of investors’ money went to the pockets of its founders and promoters.

Read full report: https://cointelegraph.com/news/crypto-ponzi-airbit-three-sentenced-prison