This seized digital currency is presently worth more than USD 60 million. "As alleged, the defendants conspired to capitalise on investor interest in the burgeoning cryptocurrency market. They allegedly made false claims about their product and about relationships they had with credible financial institutions, even creating a fictitious Centra Tech CEO," Khuzami said.Sharma, 27, Trapani, 27 and Farkas, 31, are all residents of Florida. Due to appreciation in the value of those digital funds raised from victims, those digital funds are presently worth more than USD 60 million.However, the representations that the three men were false. Centra Tech had no such partnerships with Bancorp, Visa, or Mastercard.In a separate action, the Securities and Exchange Commission also filed civil charges against the three men.

Source: Economic Times May 15, 2018 05:37 UTC