A Colorado man has been sentenced to nearly three years in prison for stealing $2.1 million in cryptocurrency from a Bucks County resident.
Adam Davis, 47, originally from Coatesville, Pennsylvania, pleaded guilty on January 25, 2024, to one count of wire fraud.
Between January 2014 and May 2021, the victim invested approximately $395,000 in cryptocurrency and hired Davis to assist her with these investments. However, Davis began stealing the victim’s cryptocurrency, transferring the stolen funds through numerous cryptocurrency addresses under his control.
The stolen funds were valued at approximately $2.1 million at the time of Davis’s theft, but they reached a high of over $8 million in 2021 when the victim discovered the theft.
By that point, Davis had already cashed out most of the stolen cryptocurrency and spent those funds on his own living expenses and a business endeavor.
US Attorney Jacqueline C. Romero said, ‘Whether we’re talking cryptocurrency or cold hard cash, stealing money that doesn’t belong to you is a crime.’ She added that Davis took advantage of someone who’d turned to him for guidance and drained assets from her accounts.
Davis was sentenced to 33 months’ imprisonment, three years of supervised release, and more than $2.1 million in restitution.
The case was investigated by the United States Secret Service and prosecuted by Assistant US Attorney Sarah M. Wolfe.
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Key Facts
- State: Pennsylvania
- Category: Cybercrime
- Source: DOJ Press Release â†â€â€
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