An Ohio man will spend nearly a decade behind bars after running a massive cryptocurrency scam that cheated investors out of more than $10 million.
Rathnakishore Giri, 31, of New Albany, Ohio, was sentenced today to nine years in prison, followed by three years of supervised release. Court documents show that Giri targeted investors—many of them living in the Columbus area—by marketing himself as an expert cryptocurrency trader who specialized in Bitcoin derivatives. He lured victims by promising high returns and guaranteeing that their initial investments carried absolutely zero risk.
Instead of trading the funds as promised, Giri operated a classic Ponzi scheme. He routinely used cash from new investors to pay off earlier ones. Giri also hid a history of severe investment failures and lied to his clients when they tried to cash out, making up excuses for why their money was delayed.
READ: Crypto Slide: Bitcoin Tumbles Past $77K Support As Higher Oil, Treasury Yields Spook Investors
The case took a sharper turn after Giri pleaded guilty to one count of wire fraud in October 2024. While out on pretrial release and waiting to be sentenced, Giri continued to solicit money from fresh cryptocurrency investors, creating even more victims. He eventually admitted to this continued fraud in an amended plea agreement before today’s sentencing hearing.
The final sentence was announced by Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division and Special Agent in Charge Jason Cromartie of the FBI Cincinnati Field Office. The FBI led the investigation into Giri’s operation.
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