AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering
Main Idea
Rowland Marcus Andrade, founder of AML Bitcoin, was sentenced to 7 years for fraud and money laundering after misleading investors and raising nearly $10 million through false claims, including a fake Panama Canal partnership.
Key Points
1. Andrade and his company misled investors between 2014 and 2019, raising nearly $10 million through false promises.
2. Prosecutors revealed Andrade faked a partnership with the Panama Canal Authority to boost investor confidence in AML Bitcoin.
3. Andrade's prison sentence begins on October 31, 2025, followed by three years of supervised release, with a restitution hearing set for September 16, 2025.
4. Crypto investors lost over $2.2 billion to hacks, scams, and breaches in the first half of 2025, with wallet breaches accounting for $1.7 billion of the losses.
5. Two major incidents, Bybit’s $1.5 billion hack and Cetus Protocol’s $225 million exploit, significantly contributed to the year's losses.
Description
Rowland Marcus Andrade, founder and CEO of NAC Foundation, has been sentenced to seven years in federal prison for wire fraud and money laundering linked to the cryptocurrency project AML Bitcoin. Key Takeaways: AML Bitcoin founder Rowland Marcus Andrade received a seven-year prison sentence for wire fraud. Andrade misled investors with false claims, including a fake Panama Canal partnership. A hearing in September will determine how much restitution Andrade must pay to victims. The US Departmen...
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