The founder of Canadian payment app Payza was sentenced to an additional 3.5 years for concealing 450 bitcoins
On February 7, Firoz Patel, founder of Canadian cryptographic payment application Payza, was sentenced to an additional 41 months in prison for trying to conceal 450 bitcoins (worth approximately US$43.5 million). Previously, Patel was sentenced to three years in prison in 2020 for illegally operating a money transmission business and money laundering. While serving his sentence, Patel tried to deposit the bitcoins into Binance and Blockchain.com, but both were discovered and frozen. In addition to the new sentence, the court also ordered Patel to accept three-year supervised release and forfeit more than $24 million and 450 bitcoins currently held by Blockchain.com.
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