Block Bits Capital Co-Founder Convicted of Nearly $1M Crypto Fund Scam

Block Bits Capital co-founder Japheth Dillman has been convicted of wire fraud and conspiracy after allegedly deceiving over 20 investors out of nearly $1 million.

The scam involved a fraudulent cryptocurrency trading fund that promised high returns through an automated trading tool called the Autotrader.

However, evidence presented at trial showed that Dillman knew the algorithm did not work as represented and was used to make personal payments and speculative investments instead.

Dillman faces up to 20 years in prison and a $250,000 fine for each count of conviction, with sentencing set for December 8.