Bitcoin Scam Ends in Jail as Immigrant's American Dream Fades
A Florida software engineer who came to the U.S. from Ukraine as a teenager seeking the American dream was sentenced to 16 months in prison for…
October 23, 2017 at 02:53 PM
5 minute read
A Florida software engineer who came to the U.S. from Ukraine as a teenager seeking the American dream was sentenced to 16 months in prison for his role in building an illegal bitcoin exchange, one that allegedly laundered money for a global hacking ring.
Yuri Lebedev, 39, was the technology guru behind Coin.mx, which tricked banks into processing bitcoin transactions by disguising them as restaurant-delivery charges and online purchases of collectible items. Lebedev was convicted in March of conspiracy and fraud following a monthlong trial in Manhattan.
U.S. District Judge Alison J. Nathan on Friday said Lebedev had abused his “impressive technology skills” to trick financial institutions, making them “unwilling participants in the scheme.”
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