Blockchain CEO faces 120 years in prison for $4M cryptocurrency scam30.87

The CEO of blockchain startup AriseBank, Jared Rice, is facing up to 120 years in prison for duping numerous investors out of $4 million in a cryptocurrency scheme. Rice promised his cryptocurrency would offer Visa-like functionality, but instead he spent investors’ Bitcoin on hotels and clothes. Rice allegedly misled would-be investors that AriseBank – which aimed to be the “first decentralized b...

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