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Bitcoin exchange owner gets 14 months in jail for lying about hack to SEC
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Quote:The founder and operator of the now-defunct Bitcoin exchange Bitfunder, Jon Montroll, was sentenced yesterday to 14 months in jail for lying to federal regulators about a hack that cost his customers more than 6,000 bitcoins—worth nearly $70 million at today’s prices.
 
Montroll allegedly defrauded his customers by failing to disclose a hack of the exchange in July 2013. The Bitfunder operator then attempted to cover it up by misappropriating their funds to hide the lost bitcoins, according to federal prosecutors.
 
The ordeal initially caught the eye of the [Only registered and activated users can see links Click here to register] in the fall of 2013.
 
When questioned about his bitcoin exchange’s operations and the breach of its systems by the SEC in November 2013, Montroll allegedly misled regulators, assuring them that his exchange’s funds were safe through a phony screenshot of balance statements.
 
Montroll pleaded guilty to federal charges of securities fraud and obstruction of justice and was sentenced to 14 months in prison and three years probation by a federal judge in the Southern District of New York.
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