Ohio Bitcoin Scam Exposed: 9‑Year Prison for $10M Ponzi Scheme!

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<a href="https://jpyeur.com/btc-usd/">Bitcoin</a> Ponzi trader gets 9 years for $10M Ohio scheme

An investment manager in Ohio was sentenced to nine years in prison for defrauding cryptocurrency investors in a $10 million Ponzi scheme involving Bitcoin.

Summary

  • Giri received nine years after prosecutors said his Bitcoin derivatives scheme raised over $10 million.
  • He pleaded guilty in 2024, then admitted soliciting more crypto investors before sentencing hearing date.
  • FBI data shows crypto-linked complaints caused $11.36 billion in losses during 2025 across America overall.

Rathnakishore Giri, a 31-year-old from New Albany, Ohio, received a nine-year prison sentence, followed by three years of supervised release. According to the U.S. Department of Justice, his investment scheme collected over $10 million from investors, many of whom lived in the Columbus, Ohio area.

In October 2024, Giri admitted to committing wire fraud. He later told prosecutors that even while awaiting his sentence, he continued to solicit money from new cryptocurrency investors.

Bitcoin derivatives returns were falsely guaranteed

According to the Justice Department, Giri presented himself as a skilled cryptocurrency trader specializing in Bitcoin-related investments. He led investors to believe he could deliver high profits without putting their initial money at risk.

According to prosecutors, Giri didn’t manage the investment as he claimed. Instead, he used funds from new investors to pay existing ones, a tactic the Department of Justice identified as typical of a Ponzi scheme.

The Department of Justice also noted that Giri had previously lost money on investments. When investors tried to get their money back – including the principal they were promised – he gave dishonest explanations for the holdups.

CFTC case tied Giri to $12M solicitation

This criminal sentence comes after the Commodity Futures Trading Commission previously filed a civil lawsuit. Back in 2022, the CFTC accused Giri and his businesses, NBD Eidetic Capital LLC and SR Private Equity LLC, of fraud related to funds that traded digital assets.

The CFTC stated that Giri and his companies collected over $12 million and 10 Bitcoin from more than 150 customers. They are accused of improperly using these funds, which were intended for trading digital assets.

The Department of Justice stated that the FBI handled the criminal investigation. They also advised anyone who lost money to cryptocurrency fraud to report it to the FBI’s Internet Crime Complaint Center.

Crypto fraud losses remain high in 2025

This legal case highlights the ongoing problem of cryptocurrency fraud, which remains a significant concern for U.S. law enforcement. The FBI’s latest report shows a sharp increase in these crimes – with 181,565 complaints and losses totaling $11.37 billion, a 22% jump from the previous year.

In 2025, scams involving cryptocurrency investments led to 61,559 complaints and a staggering $7.228 billion in losses. This type of fraud continues to be a major cause of financial harm in the crypto space.

Crypto news site crypto.news recently reported on a significant case involving Goliath Ventures. Prosecutors allege that Christopher Delgado operated a $328 million Ponzi scheme, and investors are also suing JPMorgan Chase, claiming the bank handled funds related to the suspected fraud.

Giri’s conviction represents another federal penalty in the increasing number of cryptocurrency investment fraud cases. It also demonstrates that prosecutors are focusing on schemes that falsely promise guaranteed profits from Bitcoin trading, particularly those that operate like Ponzi schemes by using money from new investors to pay older ones.

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2026-05-19 14:12