The founders of a Dallas cryptocurrency company called Bitqyck were sentenced last week to federal prison for tax evasion.
Between December 2016 and February 2019, the company raised over $13 million from more than 13,000 investors across 45 states, two U.S. territories, and 20 countries.
“Crypto actors are required to pay their fair share of taxes, just like everyone else,” U.S. Attorney Chad Meacham said in a statement. “Not only did these defendants shirk their tax obligations, they lied to investors and made off with their millions. Anyone else contemplating such a scheme should know that the Justice Department and its law enforcement partners have a sharp eye on the cryptocurrency space, and we will not let criminal behavior slide.
To legitimize the Bitqy tokens, Bise and Mendez characterized them as “earned gifts” which would reward people for purchasing certain items online. “These criminals committed this scheme to thoroughly deceive and defraud stakeholders and the taxpaying public by cheating cryptocurrency investors,” Christopher J. Altemus Jr., special agent in charge at Dallas’ FBI Field Office, said in a statement.
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