A crypto scammer in New York has been sentenced to 10 years in prison for defrauding 25,000 people.

BlockBeats news on July 19th reported that a Manhattan judge ruled that a man named Eddy Alexandre from Long Island, New York admitted to defrauding investors of hundreds of millions of dollars through his EminiFX cryptocurrency and forex platform and was sentenced to 10 years in prison. In February of this year, Alexandre admitted to committing commodity fraud and agreed to forfeit $248.8 million that he illegally obtained through a Ponzi scheme. Prosecutors said Alexandre raised millions of dollars from 25,000 EminiFX investment club members and promised a weekly return of 5% through automated investments. However, he lost $6 million in his fund trading and transferred more than $14 million into his personal bank account.