Ohio crypto fraudster sentenced for $10M Ponzi scheme

Ohio’s Rathnakishore Giri got nine years in prison for a $10M crypto Ponzi scheme, promising high returns but using new investors’ funds to pay earlier ones.

Rathnakishore Giri, a 31-year-old Ohio resident, has been sentenced to nine years in federal prison and three years of supervised release for orchestrating a cryptocurrency Ponzi scheme that raised over $10 million from investors, many in the Columbus area. Giri promoted himself as an expert in Bitcoin derivatives trading, promising high, risk-free returns and guaranteed principal protection. Instead, he operated a classic Ponzi scheme, using funds from new investors to pay earlier ones and to cover personal expenses. When investors requested withdrawals, Giri used delay tactics and provided misleading explanations. Remarkably, even after pleading guilty to wire fraud in October 2024, Giri continued to solicit new investments while on pretrial release, increasing the number of victims. The case, prosecuted by federal authorities and investigated by the FBI, highlights ongoing risks in the crypto sector and underscores the need for investor vigilance and regulatory oversight.