Canadian Founder Jailed for Attempting to Hide 450 Bitcoins
Firoz Patel, founder of Payza, was sentenced to over three years in prison for trying to conceal a substantial amount of Bitcoin.
Canadian Founder Jailed for Attempting to Hide 450 Bitcoins
Firoz Patel, a Canadian man, was sentenced to three and a half years in a U.S. prison for trying to conceal a significant amount of Bitcoin. During the time of sentencing, the hidden 450 Bitcoins were worth approximately $43.5 million.
Patel, who founded Payza, attempted to mislead authorities by hiring a fake lawyer. Additionally, he sought to shift the Bitcoin through well-known exchanges like Binance, but was interrupted when his account was flagged.
Quote: “Firoz Patel, 50, of Canada, was sentenced to 41 months in federal prison today for his efforts to conceal and launder 450 Bitcoin, currently valued at over $43 million…” - Inner City Press, February 6, 2025
Translation: “Firoz Patel, 50 years old from Canada, sentenced to 41 months in federal prison for efforts to conceal and launder 450 Bitcoin, valued over $43 million at the time.”
Background on Firoz Patel
Patel previously pleaded guilty to obstruction charges related to his business practices with Payza, a payment service that knowingly partnered with high-risk merchants, including those involved in illegal activities.
Patel’s case raises important questions about legal accountability in cryptocurrency operations, reflecting a broader trend of authorities cracking down on financial fraud.
Related Cases
Recently, James Zhong was jailed for stealing over 50,000 Bitcoins from the Silk Road marketplace, shedding light on similar legal struggles faced by individuals in the cryptocurrency space.
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