The United States District Court for the Southern District of New York is continuing with the sentencing of the key individuals behind the AirBit Club cryptocurrency Ponzi scheme. On October 3, Scott Hughes, Cecilia Millan and Karina Chairez were sentenced to 18 months, five years and one year and one day in prison respectively. All three were also sentenced to three years of supervised release.AirBit Club was launched in late 2015 and was promoted as a “multi-level marketing club” in the cryptocurrency industry. Investors were promised guaranteed daily returns from crypto mining and trading, but instead of funding AirBit’s operations, $100 million of investors’ money went to the pockets of its founders and promoters. The scheme managed to maintain its fraudulent activity until 2020.U.S. attorney Damian Williams stated that Hughes, Millan and Chairez each played a key role in perpetuating the AirBit Club pyramid scheme. AirBit Club co-founder Pablo Rodriguez was sentenced to 12 years in prison in late September 2023, and the other co-founder, Dos Santos, who has pleaded guilty to various charges, is scheduled to be sentenced on October 4, 2023. Jackie Aguilar, who pled guilty in February 2023, reportedly passed away in May, a few weeks prior to sentencing.

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Information	Details
Geography	North America
Countries	🇺🇸 🇲🇽
Sentiment	negative
Relevance Score	8
People	Cecilia Millan, Jackie Aguilar, Dos Santos, Karina Chairez, Scott Hughes, Pablo Rodriguez
Companies	AirBit Club, Mt. Gox, Chainalysis, None, U.S. Attorney’s Office for the Southern District of New York
Currencies	airbit club, Ethereum, Bitcoin
Securities	None