Blockchain CEO faces 120 years in prison for $4M cryptocurrency scam

The CEO of blockchain startup AriseBank, Jared Rice, is facing up to 120 years in prison for duping numerous investors out of $4 million in a cryptocurrency scheme. Rice promised his cryptocurrency would offer Visa-like functionality, but instead he spent investors’ Bitcoin on hotels and clothes. Rice allegedly misled would-be investors that AriseBank – which aimed to be the “first decentralized banking platform” – could offer FDIC-insured accounts and banking services, including Visa-brand credit cards and other cryptocurrency services, according to Northern District of Texas US Attorney, Erin Nealy Cox. In reality though, Texas-based AriseBank had not been been authorized…

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