Prosecutor charges three people with investment fraud causing damage of CZK 1.1 billion

A prosecutor has charged three people with fraud involving virtual currency. They are suspected of causing damage of approximately CZK 1.1 billion to hundreds of people through the company Cryfin. They face five to ten years in prison.

Criminal investigators previously said that the three suspects committed the criminal activity between 2018 and 2022. The company offered investment opportunities on the unregulated cryptocurrency market and accepted money from clients on the promise of purchasing, selling, and managing virtual currencies such as bitcoin, ethereum, and dogecoin. According to police, however, the accused used part of the money for their own purposes, to cover operating expenses, to pay commissions for bringing in new clients, and to make payments to only selected investors.