A sophisticated cryptocurrency scam hinged on stolen identities and fake papers to unlawfully acquire millions in crypto, until the schemers met their downfall.

Using stolen identities, fraudsters set up exchange accounts, making hefty crypto purchases. They swiftly moved the assets and executed bank transaction reversals through deceitful claims.

This elaborate scam let the group amass wealth while dodging scrutiny. However, their deceptive game eventually came crashing down.

Yesterday, authorities struck a significant blow against the mastermind, handing him a sentence of over 5 years in prison, coupled with hefty restitution and forfeiture orders.