The former head of cryptocurrency platform BitFunder sentenced to 14 months in prison

John Montroll, the founder of the «stock» of bitcoin stock exchange BitFunder and WeExchange platform, sentenced by court for the southern district of new York to 14 months in prison, according to CoinDesk.

U.S. law enforcement arrested 37-year-old John Montroll and charged him with fraud, and creating exchanges without a license in February 2018.

As has established a consequence, in July 2013, John Montroll BitFunder with the help and partnership of cryptocurrency sites and WeExchange Australia Pty Ltd, sold for bitcoins shares of business companies, and then took all the proceeds for personal use.

Then he began to attract investment from users of the platforms offering them security Ukyo.Loan. Montroll promised investors that they will receive daily interest and will be able to redeem their shares at any time.

However, in 2013, the WeExchange site became the victim of a hacker attack in which the attackers stole about 6000 bitcoins. After hacking Montroll I could not continue to pay the promised funds to investors Ukyo.Loan, and customers with WeExchange and BitFunder. However, it continued to attract new investors without telling them about the hacker attack.

Montroll also accused of making false statements under oath. According to representatives of the Ministry of justice, he said the wrong number of bitcoins available to users of BitFunder and WeExchange.

In July last year Montroll pleaded guilty to securities fraud and perjury in the investigation.

Upon completion of the prison term John Montroll three years will hold under observation, also ordered him to pay $167 480 as a property of punishment.


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