Colorado Man Sentenced to Just Under 3 Years for $2.1M Crypto Theft

In 2023, $1.75 billion was stolen in cryptocurrency crimes, with DeFi protocols heavily targeted​ (Comparitech)​​ (Forbes Australia)​.Photo byStock Image

By Kristy Tallman, July 8, 2024

PHILADELPHIA – A Colorado man has been sentenced to nearly three years in prison for stealing $2.1 million worth of cryptocurrency from a Bucks County victim. Adam Davis, 47, originally from Coatesville, PA, was sentenced by United States District Court Judge Wendy Beetlestone to 33 months' imprisonment, three years of supervised release, and more than $2.1 million in restitution.

On January 25, 2024, Davis pleaded guilty to one count of wire fraud. According to court documents, from January 2014 to May 2021, a Bucks County victim invested approximately $395,000 in cryptocurrency and hired Davis to assist her with these investments. Davis gained access to her digital wallets and began stealing her cryptocurrency as its value increased. He transferred the stolen funds through various cryptocurrency addresses under his control, using peel chains and other tactics to conceal his theft.

The stolen funds, initially valued at $2.1 million, reached a high of over $8 million in 2021 when the victim discovered the theft. By that time, Davis had already cashed out most of the stolen cryptocurrency and used the funds for his living expenses and a business endeavor.

“Whether we’re talking cryptocurrency or cold hard cash, stealing money that doesn’t belong to you is a crime,” said U.S. Attorney Jacqueline C. Romero. “Adam Davis took advantage of someone who’d turned to him for guidance, stringing the victim along as he drained assets from her accounts. My office and the Secret Service won’t hesitate to hold cybercriminals accountable for the laws they’ve broken and the harm they’ve caused their victims.”

Michael Centrella, Special Agent in Charge of the U.S. Secret Service’s Philadelphia Field Office, added, “Mr. Davis earned the victim’s trust in order to steal millions. The U.S. Secret Service will continue to investigate crimes involving the theft of cryptocurrency and work to hold individuals, like Mr. Davis, responsible for their actions.”

The case was investigated by the United States Secret Service and prosecuted by Assistant United States Attorney Sarah M. Wolfe. United States Secret Service analysts played a significant role in this case.

By Kristy Tallman, July 8, 2024

The Republic News

Source: U.S. Attorney's Office, Eastern District of Pennsylvania

If you have a news story or video you'd like shared, email kristyznews@gmail.com.

#LawlessSocietyNews #Cryptocurrency #Cybercrime #Fraud #Justice #Philadelphia #USSecretService #WireFraud #CourtSentencing #DigitalTheft