BitFunder Founder Confessed Fraud

July 25, 2018

Jon Montroll, 37-year-old founder of BitFunder bitcoin platform, made a full confession. Montroll was charged with securities fraud.

Jon Montroll, better known as crypto user nicknamed Ukyo, confessed he forged financial reports of his bitcoin platform he submitted to the US Securities and Exchange Commission. Remember, the SEC investigated hacking of this exchange and loss of 6,000 BTC tokens.

The customers of the platform could acquire and sell digital shares of blockchain organizations for bitcoins. Along with this platform Jon Montroll administered WeExchange Australia Pty Ltd., a bitcoin depositary as part of BitFunder. The investigation has shown that Montroll stole 6,000 BTC and exchanged them for dollars for personal use.

Moving on, just before the incident Montroll opened an investment organization named Ukyo.Loan and promised investors high return interest. Following the case, Jon denied loss of 6,000 bitcoins and stated under oath the hack failed.

At the end of this winter the SEC and the Department of Justice (DOJ) accused Jon Montroll of forming unlicensed exchange and deceiving his customers. He was arrested later and now Montroll is waiting for the judgement. The prosecutor demanded 30 years of imprisonment for him.

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