The 27-year-old responsible for a major crypto scam will go to prison for years

Nicholas Coppola, a 27-year-old Italian who is facing a number of allegations of fraud related to cryptocurrencies, has received justice. The accused was put in prison because, according to the prosecutor's office in Verona, the suspect under house arrest could continue his criminal activities. What frauds did the 27-year-old commit?

The prosecutor's office counteracts potential escape attempts by an Italian accused of crypto scam

Nicholas Coppola, responsible for the cryptocurrency mega-scam, has been sent to prison. The 27-year-old author of the great fraud will not avoid criminal liability for his shameful actions. The decision was made by a judge of the court in Verona, at the request of the prosecutor, after it was discovered during Coppola's house arrest that the accused had access to smartphones and computers from which he committed the above-mentioned frauds. It was decided to put an end to the negligence of the law enforcement authorities by locking the person concerned in prison. You can do it anyway.

The fact is, however, that after the scammer was placed under house arrest, around Christmas 2023, a number of restrictions were imposed on him to prevent further financial fraud. However, as stated in the court's statement, “the suspect continued to communicate using a mobile phone and a computer connected to the Internet, which enabled him to repeat criminal behavior similar to those already questioned or to attempt to escape.” However, nothing of the sort happened (fortunately), even though in fact the criminal's access to his “instruments of crime” could still cause potential harm to victims of cryptocurrency fraud.

The crypto scam led by the Italian has been going on for years

Nicholas Coppola and his massive crypto scam began, according to the current investigation by prosecutors from Verona, at least in 2021, although it is possible that it took place even earlier and the traces of this practice were effectively masked. Through his social media profiles, which are followed by over 26,000 followers, the Italian promoted his false image as a person achieving numerous and significant successes in the financial industry, and in particular in the cryptocurrency environment. Moreover, it boasted an exceptionally high standard of living. Sounds like every famous scam, right? And yet, many people once again fell for this old and unfortunately proven method.

Intrigued by Coppola's lifestyle presented in the digital world, people decided to invest thanks to his “financial advice”. Charmed by false luxuries, dream hotels, cars and trips around the world, the victims in fact became part of the classic Ponzi scheme, i.e. a financial pyramid, where the last person “closes the door”, i.e. leaves with nothing.

According to the current progress of the investigation, the money collected by Coppola was not actually invested in any financial instrument, but after deducting the commission for the fraudster, it was used to repay new investors who unknowingly joined the structures of the financial pyramid. After discovering the fraud, the victims immediately filed a complaint against the scammer. So far, the stunning returns on investments have not surprised anyone among a wide range of investors, because the Italian assured that the funds are invested in cryptocurrencies, which are widely known for their extremely high volatility.

At this moment, there are preliminary reports of hundreds of victims who suffered as a result of criminal practices. It is therefore regrettable that once again the crypto sector has been used to cover up bad intentions. As usual, in many circles the matter will not be fully clarified, and the rumors themselves will cause cryptocurrencies to gain black PR once again.