Link copied 
New York's Southern District Court is taking firm steps in the ongoing saga involving the infamous AirBit Club, a cryptocurrency scam that swindled millions from unsuspecting investors.
Recently, on October 3, the office of the New York U.S. attorney made public the penalties for three out of the five remaining accused in the scandal. Scott Hughes, Cecilia Millan, and Karina Chairez faced the consequences after admitting to charges like money laundering earlier this year.
In a detailed breakdown, Hughes, an attorney who's believed to have washed about $18 million originating from the AirBit Club deceit, received an 18-month jail sentence. Following him, Millan, who was deeply involved in promoting the club, has been handed a five-year imprisonment term. Meanwhile, Chairez, who was also in a similar role as Millan, will spend a little over a year behind bars.
Furthermore, there are post-imprisonment measures in place. Hughes will undergo three years under watchful oversight, while Millan and Chairez will each be under three years and three months of similar monitoring.
Established in 2015, the AirBit Club posed as a lucrative cryptocurrency "multi-level marketing club." Their pitch was simple: daily returns from crypto dealings. But reality painted a different picture. Instead of channeling the funds into cryptocurrency operations as claimed, an astonishing $100 million from investors enriched the founders and those promoting the scheme.
Even when red flags began appearing in 2016, with some users noticing discrepancies, the sham operation continued without a hitch till 2020. In his statements regarding the case, U.S. attorney Damian Williams emphasized the significance of the roles Hughes, Millan, and Chairez played in the scam's longevity.
Shining a spotlight on the top promoters, Williams revealed that both Millan and Chairez for a considerable time hoodwinked eager investors. He further stated that the day's verdicts are a clear indication of the repercussions for orchestrating and participating in such fraudulent activities in the crypto space.
To add, it was just last month when AirBit Club's co-founder, Pablo Rodriquez, was dealt a 12-year prison term. The upcoming October 4, 2023, will see the sentencing of Dos Santos, another pivotal player in the scandal.
Lastly, of the six individuals implicated, only Jackie Aguilar remains unmentioned, having tragically passed away before her sentencing in May, after confessing to her crimes in February.
