Crypto Conman Hugh Austin Gets 18 Years—Proving Even Scammers Can’t Outrun the Blockchain

Another ’crypto visionary’ bites the dust—this time with a federal prison sentence longer than most bull markets. Hugh Austin’s $12M scam collapsed faster than a shitcoin after a celebrity tweet.

Justice cuts through the hype: The DOJ didn’t buy Austin’s ’decentralized finance innovation’ defense. His sentence sends a clear signal—regulators finally loaded their guns with something heavier than stern tweets.

Bonus finance jab: At least his victims can take solace knowing traditional bankers would’ve stolen twice as much with half the paperwork.

Conviction and sentencing 

A federal jury convicted Austin in September 2024 on charges of conspiracy to commit wire fraud, money laundering, and transporting stolen property across state lines. 

U.S. District Judge P. Kevin Castel handed down the sentences.

Austin, 62, of Port Jefferson, New York, was also ordered to serve three years of supervised release, forfeit more than $6 million, and pay over $12.6 million in restitution.

“This Office will continue to pursue those who exploit trust and use cryptocurrency as a cover for fraud,” Clayton said, crediting Homeland Security Investigations and the Complex Frauds and Cybercrime Unit for their work.

The case was prosecuted by Assistant U.S. Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan.