A New York man was sentenced to 4 years in prison for defrauding $7 million in encryption assets.

According to an announcement from the U.S. Supreme Court, Douglas Jae Woo Kim was sentenced to 48 months in federal prison today for defrauding investors of over 7 million dollars in Crypto Assets and other funds. Senior District Judge Charles R. Breyer announced the verdict.

In a three-week trial in February 2025, 32-year-old New York resident Jin was found guilty by a federal jury of 14 counts of wire fraud, international money laundering, and money laundering, with one count of international money laundering being dismissed. At today’s sentencing hearing, Judge Breyer dismissed one count of monetary instrument money laundering on jurisdictional grounds. Court documents and trial evidence showed that between October 2017 and June 2020, Jin, who moved to San Francisco, posed as a legitimate Crypto Assets trader to defraud several family and friends investors. He falsely claimed to need short-term liquidity for Crypto Assets trading or other legitimate business purposes, assured victims of zero or very low risk loans, promised high returns, and claimed to have sufficient funds for personal guarantees.