Five people involved in a cryptocurrency scam that defrauded investors of $21.6 million have been sentenced to prison. The funds were used for extravagant purchases, including a shark tank, private jet travel, and sex workers. The scam attracted approximately 40,000 investors through schemes related to the EXW Wallet and EXW token. Two defendants received five-year sentences, two received 30-month sentences, and one received an 18-month sentence. Five others were acquitted, while some remain fugitives. Judge Claudia Bandion-Ortner delivered the verdict after careful consideration, making this Austria’s largest fraud case. The defendants lived lavish lifestyles, partying in Dubai and making extravagant purchases. The scheme, primarily operated in Dubai, involved smuggling stolen funds to Austria. In September 2023, eight individuals were indicted, and the absence of an extradition treaty with the UAE complicated legal proceedings. One of the founders, Benjamin Herzog, pleaded guilty in December. Some convicted individuals are appealing their sentences. The EXW Wallet, launched in late 2019, promised daily returns but collapsed in 2020, leading to ongoing investigations into related fraud cases.
