120 Years in Prison for Fraudster Who Raised Funds with Bitcoin and Ethereum

Jared Rice, CEO of blockchain startup AriseBank, will face a 120-year prison sentence for creating a $4 million cryptocurrency fraud scheme. Rice promised to offer users Visa-like usage opportunities and spent the Bitcoins it collected for hotel and luxury shopping

The platform, which attracts the attention of investors with the motto “the world’s first decentralized bank”, offers banking service in FDIC standards, Visa branded credit cards and crypto money.

In reality, Texas-based AriseBank did not even have the authority to continue its operations within the borders of Texas. FDIC assurance and agreement with Visa were also not among the possibilities.

According to the announcement shared on the US judicial portal, Rice continued to collect investors’ funds despite all this, and by collecting millions of dollars from crypto money enthusiasts, this money was spent in hotels, restaurants, stores. He spent it for his family and his family. .

The SEC had previously closed the process of Rise’s AriseBank ICO and started the fraud operation process for violating the ordinary rules.

To keep up to date with the last minute developments, you can call us on Twitter’ also follow, like our Facebook page, and join our Telegram channel!