AML Bitcoin Founder Gets 7-Year Prison Sentence Over $10M Fraud Scheme

Crypto's dark side strikes again—AML Bitcoin's founder just got slapped with a seven-year sentence for swindling investors out of $10 million. Another 'trustless' system proving you can't trust people.

Behind the bars: The once-celebrated crypto exec now joins the growing list of blockchain bad actors who couldn't resist the temptation of old-fashioned fraud. Guess some habits die harder than centralized exchanges.

The irony? A company called AML (Anti-Money Laundering) Bitcoin committing financial crimes. You can't make this stuff up—though apparently, the founder tried.

Silver lining? At least he didn't pull a QuadrigaCX. The $10 million loss stings, but it's a rounding error in an industry where exchanges 'misplace' billions before breakfast.

Rowland Marcus Andrade, founder of AML Bitcoin, was sentenced to seven years in federal prison for wire fraud and money laundering after defrauding investors of $10 million. Andrade made false claims about the token’s technology and business deals, including a fake agreement with the Panama Canal Authority. He misused over $2 million for personal expenses such as luxury cars and real estate. A forfeiture hearing for victim restitution is set for September 16. Andrade’s sentence begins October 31, followed by three years of supervised release. The case also implicated lobbyist Jack Abramoff, who faced penalties for promoting AML Bitcoin.