Rathnakishore Giri sentenced to 9 years for $10M crypto Ponzi

Rathnakishore Giri, a 31-year-old resident of New Albany, Ohio, was sentenced Monday to nine years in federal prison and three years of supervised release after pleading guilty in a $10 million cryptocurrency Ponzi scheme.

Prosecutors said Giri marketed himself as an experienced cryptocurrency and Bitcoin derivatives trader, promising high returns with no risk and guaranteeing return of principal. Instead, authorities found he used funds from new investors to pay earlier clients, concealed a record of failed trades and lost client capital, and gave fabricated reasons when investors asked to withdraw money.

Federal officials first indicted Giri in November 2022 on five counts of wire fraud. He pleaded guilty to one count in October 2024. While awaiting sentencing, Giri continued soliciting funds from crypto investors and acknowledged that conduct in an amended plea agreement before the court imposed the sentence.

The Justice Department’s Fraud Section prosecuted the case. Acting Deputy Chief Lucy B. Jennings and Trial Attorney Tamara Livshiz led the prosecution. The department’s press release stated, “In advance of today’s sentencing, Giri admitted to this additional conduct pursuant to an amended plea agreement with the Department.”

The Justice Department said the scheme resulted in roughly $10 million in losses to investors. Federal filings and public data show broader losses tied to cryptocurrency fraud are rising: Americans reported $11.36 billion in cryptocurrency losses to the FBI’s Internet Crime Complaint Center in 2025, a 22% increase from the prior year.