Newport Beach Man Sentenced for Role in $263M Crypto Laundering Scheme

A man from Newport Beach has been sentenced to serve 70 months in prison for his involvement in laundering over $263 million in cryptocurrency.

The funds were stolen through online gaming platforms, with individuals across the country participating in the scheme. The money was laundered by database hackers, organizers, and other associates.

According to court documents, the defendants used the stolen funds to purchase luxury items, including private jet rentals, exotic cars, and high-end rental homes in Los Angeles, Miami, and The Hamptons.

U.S. District Court Judge Colleen Kollar-Kotelly also ordered the defendant to serve three years of supervised release after his prison sentence.