Gold Finance reported that Rashawn Russell, a former executive at Deutsche Bank, was sentenced to 41 months in prison on May 31st in the Eastern District of New York. He was charged with cryptocurrency fraud and attempted bank card fraud. He pleaded guilty to these charges in September last year. According to the US Department of Justice, Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022, promising cryptocurrency investments and high returns but actually using investor funds for personal expenses or to repay other investors. In addition, from September 2021 to June 2023, Russell used at least 43 identities to obtain 97 bank cards, intending to engage in fraudulent transactions. In addition to imprisonment, he was also ordered to pay $1.5 million in compensation to the victims. Russell's case is just one example of many cryptocurrency fraud cases in recent months.