WeExchange, BitFunder Operator Pleads Guilty
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The operator of WeExchange Australia Pty Ltd, a bitcoin exchange and depository service, pleaded guilty to defrauding investors and lying to US securities regulators earlier this week.
Jon Montroll, also the operator of BitFunder.com, was found to have used his investors’ bitcoins for himself, exchanging them for dollars and spending them on personal expenses.
Aside from not disclosing a hack of WeExchange to his investors, Montroll also lied to investigators in sworn interviews in 2013 and 2015 about when he learned of the hack and about other matters.
Source: Reuters