Ohio Investment Manager Gets 9 Years for $10M Crypto Ponzi Scheme
Rathnakishore Giri, a 31-year-old investment manager from Ohio, was sentenced to nine years in federal prison for operating a $10 million cryptocurrency Ponzi scheme. Giri pleaded guilty to one count of wire fraud in October 2024. He promised investors guaranteed returns from Bitcoin derivatives trading, but instead used new victims' funds to pay earlier investors, a classic Ponzi structure. He projected an image of success with luxury cars, watches, and private jet travel. Even after pleading guilty, while on pretrial release, Giri continued soliciting funds from new victims, causing additional harm. The case highlights the rising trend of crypto fraud, with FBI reports showing Americans lost over $11 billion to crypto crimes in 2025, a 22% increase from the previous year. Authorities are ramping up enforcement, as seen in recent sentences for the HashFlare scheme and Goliath Ventures case.
Key facts
- Rathnakishore Giri sentenced to 9 years for $10M crypto Ponzi scheme.
- He used new investor funds to pay earlier investors, a hallmark of Ponzi.
- Giri continued soliciting victims while on pretrial release after guilty plea.
- FBI reports $11B lost to crypto crime in 2025, up 22% from prior year.
- Enforcement actions rising: HashFlare and Goliath Ventures cases.