Nigerian-UAE resident gets 8 years imprisonment for substantial crypto scam

  • Olaekan Jacob Ponle executed a multi-million dollar fraud scheme affecting US businesses.
  • Ponle, also known as Woodberry, utilized a network of scammers and ‘mules’ to convert stolen money into Bitcoin.
  • Ponle will forfeit over $1 million in luxury items and pay $8 million in restitution; he previously relinquished 151 Bitcoin valued at over $4.5 million.
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