Ohio Crypto Scammer Sentenced After Defrauding Victims of $10 Million

An Ohio funding supervisor, Rathnakishore Giri, obtained a nine-year jail sentence Monday for orchestrating a $10 million crypto Ponzi scheme that defrauded traders.

The 31-year-old New Albany resident additionally drew three years of supervised launch.

Ohio Crypto Scammer Jailed 9 Years Over Crypto Ponzi Fraud 

Giri marketed himself as an skilled cryptocurrency and Bitcoin (BTC) derivatives dealer. He promised purchasers profitable returns with no risk to their cash.

He additionally assured that the investor principal could be returned. In actuality, prosecutors stated he was routing new inflows to earlier traders in a traditional Ponzi scheme.

Giri carried a file of failed trades and misplaced consumer capital, the Justice Department famous. When traders requested to money out, nonetheless, he supplied fabricated causes for delays.

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Federal authorities first indicted Giri in November 2022 on 5 counts of wire fraud. He pleaded responsible to 1 rely in October 2024.

While awaiting sentencing, Giri saved elevating cash from crypto traders.

“In advance of at present’s sentencing, Giri admitted to this extra conduct pursuant to an amended plea settlement with the Department,” the press launch read.

The sentence lands as crypto-linked fraud continues to climb. Americans reported $11.36 billion in cryptocurrency losses to the FBI’s Internet Crime Complaint Center in 2025. That determine marked a 22% soar over the prior yr.

The Justice Department’s Fraud Section prosecuted the case. Acting Deputy Chief Lucy B. Jennings and Trial Attorney Tamara Livshiz led the prosecution.

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