- A Florida man, Rodney “Bitcoin Rodney” Burton, pleaded guilty to conspiracy tied to an alleged $1.8 billion crypto fraud scheme.
- He operated an unlicensed money-transmitting business for the fraudulent HyperFund platform, personally receiving over $7.8 million.
- Burton faces up to five years in prison, with sentencing scheduled for July 23 in federal court.
A Miami man known as “Bitcoin Rodney” pleaded guilty this week in federal court to conspiring to run an unlicensed money-transmitting business connected to a massive crypto fraud scheme. Rodney Burton, 56, admitted his role in promoting the fraudulent HyperFund platform, according to prosecutors.
The platform falsely promised investors daily returns from non-existent crypto-mining operations. Consequently, it ultimately froze all investor withdrawals by 2021.
Burton’s network of companies funneled investor funds through the scheme, enriching him personally. Prosecutors state he received more than $7.8 million from the operation.
He now faces a maximum prison sentence of five years for the conspiracy charge. Sentencing before U.S. District Judge Richard D. Bennett is scheduled for July 23.
Meanwhile, his notoriety was boosted by appearances from high-profile celebrities. According to a report from Rolling Stone, he relied on pals like actor Jamie Foxx and rapper Rick Ross.
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