Austria sentences five in record-breaking crypto fraud
The scandal, which deceived around 40,000 investors, led to charges including commercial fraud, money laundering, and operating pyramid schemes.

Five individuals in Austria have received prison sentences for their roles in a $21.6 million cryptocurrency scam that deceived around 40,000 investors. The fraud, linked to EXW Wallet and EXW token, involved charges of commercial fraud, money laundering, and operating pyramid schemes, marking one of Austria’s largest financial crime cases. The trial, held at the Klagenfurt Regional Court, lasted over 300 hours, with Judge Claudia Bandion-Ortner delivering the sentences.
Two of the defendants were sentenced to five years, while others received shorter terms, with additional perpetrators still on the run. Investigations revealed extravagant spending from the stolen funds, including luxury cars, private jets, and parties in Dubai, as well as a shark tank in a Bali villa. Prosecutors stated that the operation’s scale could reach between €14 million and €120 million, far exceeding original estimates.
Although the defence argued the scheme began with genuine investment intentions, the prosecution maintained it was fraudulent from the start. With appeals expected, the defendants face additional compensation and legal costs, while related investigations continue.