Crypto sentenced years in prison

Mendez admitted, however, that they never actually distributed shares to token holders nor embedded the shares within the Ethereum Smart Contract. The only shares of common stock Bitqyck issued were to Bise and Mendez, who collectively owned 100% of Bitqyck’s common stock.

About nine months after launching Bitqy, Mr. Bise and Mr. Mendez began marketing another token, BitqyM, arbitrarily priced at $1. They claimed buying the token allowed investors to join “Bitcoin mining operations,” by paying to power a Bitqyck Bitcoin mining facility in Washington state. In reality, Mr. Bise and Mr. Mendez admitted in plea papers, no such mining facility ever existed. Unbeknownst to investors, the defendants contracted with an overseas third-party company in an attempt to mine the Bitcoin they’d promised to investors.

Secretary of State Antony Blinken announced that he will hold a call with Russian Foreign Minister Sergey Lavrov “in the coming days” to discuss securing the freedom of Griner and former U.S. Marine Paul Whelan, who has been detained in Russia since late 2018.

“[They] have been wrongly detained and must be allowed to come home,” Blinken told reporters in Washington, D.C, on July 27.


“We put a substantial proposal on the table weeks ago to facilitate their release. Our governments have communicated repeatedly and directly on that proposal, and I’ll use the conversation to follow up personally and I hope [to] move us toward a resolution.”

Two days later, Blinken told reporters that he had a “frank and direct conversation” with Lavrov about a U.S.

Crypto sentenced years in prison

I call on Russia to release her immediately so she can be with her wife, loved ones, friends, and teammates,” Biden wrote in the statement. “My administration will continue to work tirelessly and pursue every possible avenue to bring Brittney and Paul Whelan home safely as soon as possible.”

Griner shared an emotional statement in court ahead of the verdict on Thursday morning.

She apologized to her loved ones for the hurt that her detention has caused and said that her parents instilled hard work in her and this value is what brought her to Russia.

Griner’s trip to Russia to play in the offseason has underscored the issue of pay inequality in professional basketball

Many WNBA players have traveled around the world to play in the offseason because they don’t make enough money during the season — an issue that is not as prevalent for NBA players.

Crypto sentenced years in prisons

Mendez admitted, however, that they never actually distributed shares to token holders nor embedded the shares within the Ethereum Smart Contract. The only shares of common stock Bitqyck issued were to Bise and Mendez, who collectively owned 100% of Bitqyck’s common stock.

About nine months after launching Bitqy, Mr.


Bise and Mr. Mendez began marketing another token, BitqyM, arbitrarily priced at $1. They claimed buying the token allowed investors to join “Bitcoin mining operations,” by paying to power a Bitqyck Bitcoin mining facility in Washington state.
In reality, Mr. Bise and Mr. Mendez admitted in plea papers, no such mining facility ever existed.

Crypto sentenced years in prison break

Instead of fulfilling their promises to these investors, the defendants used Bitqyck funds on personal expenses, including casino trips, cars, luxury home furnishings, art, and rent.

“Crypto actors are required to pay their fair share of taxes, just like everyone else,” said U.S. Attorney Chad Meacham. “Not only did these defendants shirk their tax obligations, they lied to investors and made off with their millions.
Anyone else contemplating such a scheme should know that the Justice Department and its law enforcement partners have a sharp eye on the cryptocurrency space, and we will not let criminal behavior slide.”

“These criminals committed this scheme to thoroughly deceive and defraud stakeholders and the taxpaying public by cheating cryptocurrency investors,” said Special Agent in Charge Christopher J. Altemus Jr., Dallas Field Office.

Qin’s investors soon discovered that his strategies weren’t much more than a disguised means for him to embezzle and make unauthorized investments with client funds. When faced with redemption requests he couldn’t fulfill, Qin doubled down on his scheme by attempting to plunder funds from VQR to satisfy his victim investors’ demands.
Qin’s brazen and wide-ranging scheme left his beleaguered investors in the lurch for over $54 million, and he has now been handed the appropriately lengthy sentence of over seven years in federal prison.”

According to the Information and statements made in open court:

Background

STEFAN HE QIN is a 24-year old Australian national. Between 2017 through 2020, QIN owned and controlled two cryptocurrency investment funds, Virgil Sigma and VQR, both of which were located in New York, New York.

WNBA salary is $228,000 per season, whereas star NBA players make over $20 million a year.

WNBA Commissioner Cathy Engelbert and NBA Commissioner Adam Silver said in a joint statement, “Today’s sentencing is unjustified and unfortunate, but not unexpected and Brittney Griner remains wrongfully detained. The WNBA and NBA’s commitment to her safe return has not wavered and it is our hope that we are near the end of this process of finally bringing BG home to the United States.”

The Phoenix Mercury star held up a photo of her Russian teammates on Thursday and said that she made “an honest mistake” by packing the vape cartridges in her bag.

The prosecutor argued that Griner’s guilt has been proven and also asked that Griner pay a $16,500 fine, which is about 1 million Russian roubles.

“This is a miscarriage of justice,” Elizabeth Rood, Charge d’Affaires of the U.S.

Considering the nature of her case, the insignificant amount of the substance and BG’s personality and history of positive contributions to global and Russian sport, the defense hopes that the plea will be considered by the court as a mitigating factor and there will be no severe sentence.”

Griner testified last week that she did not mean to leave the cartridges in her bag, but that she was in a hurry and was stressed after recovering from COVID-19 that month. The WNBA star said she was aware that the U.S. had warned Americans about traveling to Russia, but she didn’t want to let her team down in the playoffs.

She also testified that she has permission to use medical cannabis and used a certificate to buy it in the U.S.

Date: March 10, 2022

Contact:[email protected]

The owners of a cryptocurrency company have been sentenced to a combined 8 years in federal prison for tax evasion, announced U.S. Attorney for the Northern District of Texas Chad E. Meacham.

Bitqyck founders Bruce Bise and Samuel Mendez were charged with tax evasion in August 2021. Mr. Bise pleaded guilty on Sept. 9, 2021 and was sentenced on March 7, 2022 to 50 months in federal prison; Mr. Mendez pleaded guilty on October 12, 2021 and was sentenced this afternoon to 50 months in prison.
U.S. District Judge Jane J. Boyle ordered the men jointly and severally liable for $1.6 million apiece.

According to plea papers, Mr. Bise and Mr. Mendez admitted that Bitqyck raised approximately $24 million from more than 13,000 investors.

For example, in or about October 2018, QIN invested hundreds of thousands of dollars stolen from Virgil Sigma into a real estate investment; and (c) using a substantial portion of investor capital from Virgil Sigma to invest in crypto-assets that had nothing to do with the fund’s stated arbitrage strategy. For example, in or about 2018, QIN invested funds from Virgil Sigma into certain initial coin offerings, a speculative form of investing in new issues of cryptocurrency.

As a result of these and other fraudulent activities, QIN dissipated nearly all of the investor capital in Virgil Sigma. QIN also regularly lied to the fund’s investors about the value, location, and status of their investment capital, including through false account statements that QIN prepared and bogus tax documents that he circulated to his investors.

Qin Attempts to Steal Assets From VQR to pay Virgil Sigma Investors

In or about December 2020, faced with redemption requests from the Virgil Sigma fund that he could not meet, QIN demanded that the Head Trader at VQR wind down all trading positions at VQR and transfer a portion of the funds to QIN so that QIN could use that money to pay off these redemptions to Virgil Sigma investors. QIN issued the demand even though the Head Trader advised QIN that closing out VQR’s then-current trading positions, rather than holding those positions in accordance with VQR’s directional trading strategy, would result in losses to VQR’s investors.

At QIN’s direction, the Head Trader accordingly closed out VQR’s positions and turned over access to VQR’s trading accounts to QIN.

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