Five Convicted in Austria’s Largest $21.6M Crypto Fraud Case

Cryptocurrency frauds continue to make headlines, with one of the most serious instances being resolved in Austria. Five people were jailed for scamming 40,000 investors in a $21.6 million Bitcoin scheme. The operation, which revolved around the EXW Wallet and the EXW cryptocurrency token, has been dubbed the greatest fraud case in Austrian history.

The Lavish Lifestyle of Crypto-Fraudsters

One of the most notable features of this case was the fraudsters' lavish lifestyle. They used stolen money to buy luxury things and activities such as a shark tank, private plane flights, and even more than $100,000 for sex workers. The fraudsters partied in some of Dubai's most prestigious clubs and flew on private aircraft, flaunting their illicit fortune.

The stolen money was not only spent in Dubai but also returned to Austria in plastic bags. The operation was worldwide, but the absence of an extradition agreement between Austria and the United Arab Emirates posed legal challenges to the inquiry.

Fraudulent Schemes Behind the EXW Wallet

Launched in 2019, the EXW Wallet guaranteed daily earnings of 0.1% to 0.32%, attracting hundreds of investors with excessive hopes. The scammers also offered real estate investments, and they are now being investigated for another scheme involving a cannabis-related investment that reportedly scammed 17,000 victims of $17.2 million. Despite its grandiose claims, the EXW plan failed in 2020, leaving investors empty-handed.

The legal processes resulted in the sentencing of five people, two of them were sentenced to five years in jail, two others to 30 months, and one to 18 months. In addition to these punishments, five other offenders were acquitted, while others are still on the run.

Final Thoughts

This crypto fraud case serves as a sharp warning of the hazards connected with cryptocurrency investments, particularly when high-yield promises seem too good to be true. The scammers' opulent lifestyle serves as a warning story for investors and authorities. As the cryptocurrency world advances, so must the vigilance of individuals seeking to safeguard their money from such scams. With appeals pending, this issue may not be entirely settled, but it has already made an indelible impression on Austria's legal and financial history.