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Bitcoin Bitcoin (BTC) $117,596.34 ↑ 1.26%
Ethereum Ethereum (ETH) $3,757.01 ↑ 0.96%
XRP XRP (XRP) $3.20 ↑ 2.05%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.03%
BNB BNB (BNB) $784.41 ↑ 1.66%
Solana Solana (SOL) $189.42 ↑ 4.64%
USDC USDC (USDC) $1.00 ↑ 0.02%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.81%
TRON TRON (TRX) $0.32 ↑ 0.24%
Cardano Cardano (ADA) $0.83 ↑ 2.16%
Hyperliquid Hyperliquid (HYPE) $44.64 ↑ 3.89%
Sui Sui (SUI) $4.05 ↑ 8.42%
Stellar Stellar (XLM) $0.44 ↑ 3.97%
Chainlink Chainlink (LINK) $18.38 ↑ 1.27%
Hedera Hedera (HBAR) $0.27 ↑ 10.26%
Bitcoin Cash Bitcoin Cash (BCH) $554.08 ↑ 1.85%
Avalanche Avalanche (AVAX) $24.28 ↑ 2.40%
Litecoin Litecoin (LTC) $114.04 ↓ -0.76%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 3.60%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.17%
Toncoin Toncoin (TON) $3.32 ↑ 5.65%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.00%
Uniswap Uniswap (UNI) $10.53 ↓ -0.21%
Polkadot Polkadot (DOT) $4.10 ↑ 1.55%
Monero Monero (XMR) $325.60 ↓ -0.60%
Dai Dai (DAI) $1.00 ↑ 0.01%
Bitget Token Bitget Token (BGB) $4.57 ↑ 1.27%
Pepe Pepe (PEPE) $0.00 ↑ 2.80%
Aave Aave (AAVE) $296.85 ↑ 1.19%
Cronos Cronos (CRO) $0.13 ↑ 2.80%
Bittensor Bittensor (TAO) $428.69 ↑ 2.49%
Ethena Ethena (ENA) $0.59 ↑ 3.24%
NEAR Protocol NEAR Protocol (NEAR) $2.86 ↑ 3.32%
Ethereum Classic Ethereum Classic (ETC) $22.98 ↑ 2.19%
Pi Pi (PI) $0.44 ↓ -0.06%
Ondo Ondo (ONDO) $1.05 ↑ 2.49%
Aptos Aptos (APT) $4.79 ↑ 1.24%
Internet Computer Internet Computer (ICP) $5.65 ↑ 1.73%
OKB OKB (OKB) $48.04 ↑ 0.77%
Bonk Bonk (BONK) $0.00 ↑ 2.83%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 12.46%
Kaspa Kaspa (KAS) $0.10 ↑ 0.67%
Mantle Mantle (MNT) $0.78 ↑ 4.35%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.30%
Algorand Algorand (ALGO) $0.27 ↑ 2.72%
Arbitrum Arbitrum (ARB) $0.45 ↑ 1.70%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.22%
VeChain VeChain (VET) $0.03 ↑ 1.32%
Render Render (RENDER) $4.26 ↑ 3.73%
GateToken GateToken (GT) $17.80 ↑ 1.24%
Worldcoin Worldcoin (WLD) $1.16 ↑ 1.07%
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Sky Sky (SKY) $0.09 ↑ 7.05%
Sei Sei (SEI) $0.33 ↑ 2.18%
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Cosmos Cosmos (ATOM) $4.72 ↑ 0.61%
Filecoin Filecoin (FIL) $2.66 ↑ 1.69%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↓ -0.05%
Jupiter Jupiter (JUP) $0.56 ↑ 3.33%
Flare Flare (FLR) $0.02 ↑ 4.10%
Story Story (IP) $5.50 ↑ 4.71%
KuCoin Token KuCoin Token (KCS) $11.58 ↓ -4.17%
Quant Quant (QNT) $120.78 ↑ 0.45%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ 0.00%
Injective Injective (INJ) $14.36 ↑ 4.32%
Curve DAO Token Curve DAO Token (CRV) $1.05 ↓ -2.78%
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Four Four (FORM) $3.39 ↑ 0.58%
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Optimism Optimism (OP) $0.72 ↑ 0.54%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.20%
Ethereum Name Service Ethereum Name Service (ENS) $30.35 ↑ 5.69%
Immutable Immutable (IMX) $0.57 ↑ 3.62%
dogwifhat dogwifhat (WIF) $1.08 ↑ 2.61%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 2.25%
The Graph The Graph (GRT) $0.10 ↑ 1.44%
Kaia Kaia (KAIA) $0.16 ↑ 0.78%
Lido DAO Lido DAO (LDO) $1.09 ↓ -0.88%
Sonic Sonic (S) $0.34 ↑ 0.42%
PancakeSwap PancakeSwap (CAKE) $2.79 ↑ 4.87%
PAX Gold PAX Gold (PAXG) $3,356.21 ↑ 0.01%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 1.86%
Conflux Conflux (CFX) $0.18 ↓ -3.84%
Tezos Tezos (XTZ) $0.88 ↓ -0.35%
Vaulta Vaulta (A) $0.58 ↑ 0.66%
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Theta Network Theta Network (THETA) $0.88 ↑ 1.80%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.13%
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Home Cryptocurrency

Delphi Digital Content as Ex-Finance VP Gets 4 Year Jail Term for $4.5M Theft

Tom Nyarunda by Tom Nyarunda
19 December 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
Delphi Digital Applauds 4 Year Sentence for Former VP Finance

Delphi Digital Applauds 4 Year Sentence for Former VP Finance

A Connecticut Court found Dylan Meissner, former vice president of finance at Delphi Digital, guilty of embezzling at least $4.5 million from the firm and sentenced him to four years in jail. The research firm said justice has been served.

photo 2024 10 21 08 49 01

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Fumbled the Turbo Bag? MoonBull Whitelist Is Filling Fast: This One’s Built for 100x Crypto Hunters
    • Stage 14 Ignites 9.96% Jump: Troller Cat Presale at $0.00009667—Best Crypto to Explode in 2025 as SPX6900 Slides and Fartcoin Jumps
  • Meissner Worked Hard to Cover His Tracks
  • Prosecutors had asked for a Stricter Sentence.
  • The Case is Reminiscent of Bankman-Fried’s Trial
  • Conclusion
  • Frequently Asked Questions (FAQs)
    • Why has cryptocurrency fraud become such a problem?
    • Who typically falls victim to these scams?

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According to the ruling given by Connecticut District Court Judge Michael P. Shea on December 17, Meissner will also refund $4.6M in restitution. The accused served as a senior vice president in charge of finance at Delphi Digital between October 2021 and November 2022, when the wire fraud offence was committed.

Meissner Worked Hard to Cover His Tracks
Meissner Worked Hard to Cover His Tracks

Meissner Worked Hard to Cover His Tracks

The press release from the Department of Justice stated that the restitution amount to be refunded to Delphi Digital includes the amount he stole in addition to an unpaid loan. Further, Judge Shea ordered that a two-year supervised release would follow the accused’s sentence.

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Speaking to the media following the ruling that gave the accused a 4-year jail term, Delphi Digital co-founder and CEO Ani Lulla confirmed that Meissner had indeed stolen the company’s funds and “generally abused our trust in him as a friend and team member.”

According to Lulla, Delphi Digital extended a crypto-loan of 50 ETH to Meissner, amounting to about $192,000, which the accused had intended to use as a cover to avoid incurring further losses following crypto investments that never bore fruit.

However, despite failing to repay the loan, the judge observed that Meissner went on to siphon $4.5 million more from Delphi Digital. The accused tried to cover his tracks by entering false records into the company’s accounting records by diverting money meant for bonuses for the firm’s analysts.

Prosecutors had asked for a Stricter Sentence.

The prosecutors had sought a longer sentence for the accused, arguing that a stricter punishment of six to eight years would serve as a deterrent. They highlighted that Meissner had used a sustained and multi-faceted scheme to steal from Delphi Digital.

However, his defence team asked for a lighter sentence of 51 to 63 months, stating that Meissner struggled with substance abuse and his efforts to maintain sobriety.

The prosecutors said: “It suggests that the defendant was operating rationally, if wrongfully—he intended to use company money to recoup his losses and make money for himself, and then give the company back what he took once the market went up.”

Delphi Digital Applauds 4 Year Sentence for Former VP Finance
Increasing cases of crypto fraud

The Case is Reminiscent of Bankman-Fried’s Trial

The 4-year jail term given to the former Delphi Digital employee is reminiscent of the jailing of former crypto tycoon Sam Bankman-Fried, currently serving a 25-year jail term, for what authorities described as among the biggest financial frauds in the history of the United States. In the case of Bankman-Fried, the jury convicted the founder of the crypto exchange FTX on seven counts of embezzlement, fraud, and criminal conspiracy following over four hours of deliberations.

Prosecutors in the Bankman-Fried case, once a shining star in the crypto space, accused SBF of embezzling over $10 billion by using customers’ funds to buy property, fund political campaigns, and make risky investments.

The 25-year jail term verdict followed a month-long trial that came a year after the cryptocurrency exchange had filed for bankruptcy after a spectacular collapse that stunned the financial markets and wiped off SBF’s fortune, estimated or be $26 billion.  During the trial, SBF admitted to having made mistakes.

Conclusion

The case of Meissner receiving a 4-year jail term for stealing from Delphi Capital adds to a growing list of crypto company employees breaking their trust and stealing from their employers. For example, former NFT marketplace employee Nate Chastain was sentenced to three months in jail for the first-ever case of NFT insider trading. A former Coinbase employee, Ishan Wahi, was also given a two-year jail term for tipping off his brother to future cryptocurrency listings.

Frequently Asked Questions (FAQs)

Why has cryptocurrency fraud become such a problem?

Cryptocurrencies are still a new invention, and like all new asset classes with a big potential for high returns, there is always a risk of fraudsters trying to take advantage, even when it involves the people we should be trusting.

Who typically falls victim to these scams?

While most fraudsters go for individual investors, there have been increasing cases of company employees targeting customers’ funds. In most of these unfortunate cases, individuals who are meant to lead by example end up giving the industry a bad name.

Tags: crypto fraudDelphi DigitalMeissner
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Tom Nyarunda

Tom Nyarunda

Tom Nyarunda is a writer with in-depth knowledge of blockchain, cryptocurrency, NFTs, and SaaS. Based in Kenya, Tom has devoted his time to the study of Bitcoin and cryptocurrency, as he believes them to be incorruptible products of the future.

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