Over 100 digital asset holders across the U.S. were defrauded in a scheme that targeted users of a popular cryptocurrency exchange. A Brooklyn man was sentenced Wednesday to between four and 12 years in prison for stealing nearly $16 million from Coinbase users. Prosecutors stated that the defendant impersonated company representatives to convince victims to transfer assets into a wallet under his control.

The theft targeted users throughout the country as part of a broader operation to mislead retail investors. The court's decision on Wednesday concludes the legal proceedings regarding the fraudulent cryptocurrency scheme.