TechFlow news, February 7 — According to Cointelegraph, the U.S. Department of Justice announced that Firoz Patel, founder of Canadian crypto payment app Payza, has been sentenced to an additional 41 months in prison for attempting to conceal 450 bitcoins (worth approximately $43.5 million).
Previously, Patel was sentenced to three years in prison in 2020 for operating an unlicensed money transmitting business and money laundering. While serving his sentence, Patel attempted to deposit these bitcoins into Binance and Blockchain.com, but both attempts were detected and the funds frozen. In addition to the extended sentence, the court also ordered three years of supervised release and the forfeiture of over $24 million, along with the 450 bitcoins currently held by Blockchain.com.
