Bitcoin Escrow Chief Pleads Guilty to Crypto Fraud, Also Ordered to Repay $7.4M

Bitcoin Escrow Chief Pleads Guilty to Crypto Fraud, Also Ordered to Repay $7.4M
New York City
(Gary Hershorn/Getty Images)

The head of bitcoin escrow company Volantis pleaded guilty in New York on Thursday to bilking an investor of over $3 million. He also settled parallel commodities fraud charges.

Jon Barry Thompson, 49, admitted in Manhattan federal district court that his crypto companies – Volantis Market Making LCC and Volantis Escrow Platform LLC – never followed through with a promised $3.25 million buy for one unnamed customer in .

Thompson also settled charges brought by the Commodity Futures Trading Commission (CFTC) on Thursday. A requires him to pay $7.4 million in restitution to two victims, permanently bars him from bitcoin trading, and compels him to cooperate with the CFTC in any future investigations.

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