Austria's $16 Million Crypto And Real Estate Ponzi Scheme Leads To Sentencing

According to PANews, a $16 million cryptocurrency and real estate Ponzi scheme in Austria has resulted in the sentencing of five individuals. The scheme defrauded 40,000 victims, with the perpetrators spending large sums on luxury cars, private jets, nightclubs, and even a shark tank. The case, tried over 60 days in the Klagenfurt Regional Court, is one of Austria's largest fraud cases to date. Eleven suspects from Austria, Croatia, and Italy were involved, including the 24-year-old stepson of an unnamed celebrity, who reportedly spent €100,000 (approximately $108,000) on sex services. Police revealed that the criminal group used plastic bags to transport cash, hid money in shoeboxes, and transferred funds through crypto platforms, making it extremely difficult to trace the money. Currently, five suspects have been sentenced to prison terms ranging from 18 months to five years, while five others have been acquitted.