- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
WE-Launch
Cryptocurrency Ponzi Scheme IcomTech's Senior Marketing Associate Sentenced to Nearly Six Years in Prison
BlockBeats News, December 19th, the U.S. Department of Justice announced on December 19th that Magdaleno Mendoza, a senior promoter of the cryptocurrency Ponzi scheme IcomTech, aged 56, was sentenced to 71 months in prison for his participation in this large-scale fraud targeting investors across the United States.
U.S. Attorney Jay Clayton of the Southern District of New York stated that Mendoza played a key role in recruiting victims, especially within the Spanish-speaking blue-collar community. "As a senior promoter of IcomTech, Mendoza helped target Spanish-speaking users lacking investment experience, including our fellow New Yorkers. He and his cohorts took advantage of the victims' trust, siphoning off millions of hard-earned dollars from the blue-collar community."
IcomTech was established in mid-2018, claiming to be a cryptocurrency mining and trading company that promised investors guaranteed profits upon depositing funds. However, according to the U.S. Department of Justice's statement, the company never engaged in the promised trading or mining activities; instead, it used new investors' funds to pay early participants and fund the promoters' lavish lifestyles.
You may also like
Top US Journalist Minting on Base, Attention Completes Monetization Loop
State of Crypto: Year in Review
Key Takeaways: 2025 marked a significant year for crypto policy in the U.S., with historic legislation and regulatory…
Fed’s ‘Skinny’ Accounts Aim to End Operation Chokepoint 2.0 — Insights from Senator Lummis
Key Takeaways: The Federal Reserve’s proposal to offer “skinny” master accounts to crypto companies is seen as a…
Palmer Luckey’s Erebor Reaches $4.3B Valuation as Bank Charter Progresses
Key Takeaways: Erebor, a digital bank co-founded by Palmer Luckey, has raised $350 million, bringing its valuation to…
Venture Capital Post-Mortem 2025: Hashrate is King, Narrative is Dead
Breaking Frontiers: Web3 Lawyer Decodes Latest Developments in Stock Tokenization
a16z: 11 Convergence Scenarios of AI and Cryptocurrency
U.S. Bank Industry Embraces Blockchain Transition
Key Takeaways The U.S. banking sector is transitioning towards blockchain technology as regulatory discussions turn into implementation. The…
SEC Publishes Crypto Custody Guide: A Strategic Educational Shift
Key Takeaways The SEC has released a comprehensive guide focused on educating investors about cryptocurrency custody, detailing the…
UK to Encompass Cryptocurrencies under Finance Laws by 2027
Key Takeaways The UK is planning to integrate cryptocurrencies into its existing finance laws by 2027. Oversight will…
EU Crypto Regulations and IMF’s Stablecoin Warning: Navigating Global Financial Shifts
Key Takeaways: The EU is tightening its regulatory grip on cryptocurrency platforms, with implications for DeFi and NFT…
BOLTS Initiates Quantum-Resilience Pilot on Canton Network for Securing $6T Real-World Assets
Key Takeaways BOLTS Technologies has launched a pilot program to integrate quantum resilience into the Canton Network, aiming…
BOLTS Initiates Quantum-Resilience Pilot on Canton Network to Future-Proof $6 Trillion in Real-World Assets
Key Takeaways BOLTS Technologies launches a pilot program to implement quantum resilience on the Canton Network. The initiative…
BOLTS Launches Quantum-Resilience Pilot on Canton Network to Future-Proof $6T Real-World Assets
Key Takeaways BOLTS Technologies introduces a quantum-resilience pilot using its QFlex software on the Canton Network, emphasizing institutional…
The Resurgence of Donald Trump’s Influence in the Crypto Sphere
Key Takeaways: Donald Trump’s renewed stance on cryptocurrencies has significantly impacted U.S. government policy and the global crypto…
Most Influential in Crypto: Donald Trump’s Pivotal Role in the U.S. Adoption of Digital Assets
Key Takeaways Donald Trump’s shift from being a crypto skeptic to a key proponent has significantly accelerated U.S.…
Donald Trump’s Crypto Influence: A Deep Dive into U.S. Policy Shift
Key Takeaways Donald Trump’s shift in attitude toward cryptocurrency catalyzes major political and regulatory changes in the U.S.…
USDT Gains Recognition as Fiat-Referenced Token in Abu Dhabi: Implications for Stablecoins
Key Takeaways: Tether’s USDT has been officially recognized as a fiat-referenced token by the Abu Dhabi Global Market…
Top US Journalist Minting on Base, Attention Completes Monetization Loop
State of Crypto: Year in Review
Key Takeaways: 2025 marked a significant year for crypto policy in the U.S., with historic legislation and regulatory…
Fed’s ‘Skinny’ Accounts Aim to End Operation Chokepoint 2.0 — Insights from Senator Lummis
Key Takeaways: The Federal Reserve’s proposal to offer “skinny” master accounts to crypto companies is seen as a…
Palmer Luckey’s Erebor Reaches $4.3B Valuation as Bank Charter Progresses
Key Takeaways: Erebor, a digital bank co-founded by Palmer Luckey, has raised $350 million, bringing its valuation to…
Venture Capital Post-Mortem 2025: Hashrate is King, Narrative is Dead
Breaking Frontiers: Web3 Lawyer Decodes Latest Developments in Stock Tokenization
Popular coins
Latest Crypto News
Customer Support：@weikecs
Business Cooperation：@weikecs
Quant Trading & MM：bd@weex.com
VIP Services：support@weex.com
App