New York Orders Crypto Scammers to Pay $1.3 Billion for Targeting Prayer Groups
New York court orders massive payout in crypto fraud case
New York authorities have ordered a group of cryptocurrency scammers to pay $1.3 billion. The scammers reportedly used religious prayer groups to find and trick their victims into participating in the scheme.
Cryptocurrency is a type of digital money that is not controlled by a central bank. While it is used for legitimate transactions, its digital nature can sometimes be used by bad actors to hide fraudulent activities.
Key details of the financial penalty
- The total penalty and restitution amount is set at $1.3 billion.
- The scammers specifically targeted individuals through prayer groups.
- The order was issued by officials in New York.
What has been confirmed about the scam
It is confirmed that the state of New York has moved against these individuals for using religious trust to lure victims. The large financial judgment of $1.3 billion is intended to address the scale of the fraud committed against those who were targeted.
Information sources for this report
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.