ChainCatcher reported, citing the U.S. Department of Justice, that Rodney “Bitcoin Rodney” Burton, a resident of Miami, Florida, has pleaded guilty in federal court. Burton admitted to participating in a cryptocurrency fraud scheme connected to HyperFund. The case involves approximately $1.8 billion, according to information released by the Justice Department.
DOJ Describes Global Fundraising and Money Transfers
The U.S. Department of Justice said the project raised funds from investors through global fundraising activity. During its operation, the project was also used for promotion and fund transfers. Law enforcement authorities described the operation as part of a large-scale cross-border wire fraud network.
Following his guilty plea in federal court, Burton faces a maximum sentence of five years in federal prison. His sentencing hearing is scheduled for July 23. Authorities said the case was jointly investigated by IRS Criminal Investigation and Homeland Security Investigations.