Payza founder Firoz Patel sentenced to three and a half years in prison for concealing 450 bitcoins

2025-02-07 10:33:08

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ChainCatcher News: A U.S. judge has sentenced the founder of a Canadian crypto payment app to an additional three and a half years in prison for attempting to conceal 450 bitcoins (currently worth over $43.5 million) that were ordered to be forfeited following his conviction on money laundering charges.

U.S. District Judge Dabney Friedrich announced that Firoz Patel, the founder of Payza, was sentenced to 41 months in prison after pleading guilty to obstructing official proceedings in September.

It is reported that Patel was sentenced to three years in prison in 2020 for operating Payza and was ordered to serve two years of supervised release. Prosecutors stated that Payza processed crypto payments in the U.S. without authorization and provided services to money launderers, multi-level marketers, Ponzi scheme operators, and pyramid scheme fraudsters.

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