Two Men Sentenced to 24 and 23 Years for Middle East Royal Impersonation Crypto Fraud; Chinese Investor Lost $18M

According to BlockBeats, on June 11, two men were sentenced in Ohio for a cross-border cryptocurrency fraud scheme impersonating Middle East royalty. Zubayr Al-Zubayr, 42, and Muzammil Al-Zubayr, 31, were each handed 24 and 23 years in prison and ordered to pay $21.2 million in restitution.

The defendants posed as Middle East royal family members and hedge fund managers to solicit investments in fake cryptocurrency mining operations. One Chinese investor who had previously operated bitcoin mining in Sichuan reported losses of approximately $18 million after being lured into the scheme in Ohio. The fraud was uncovered when another victim filed a report.