AriseCoin creator sentenced to 5 years in prison

TL;DR Breakdown • Jared Rice, AriseBank president, must pay back more than $4,258,073 made in scam with AriseCoin.• The AriseBank platform said it was supported by the FCID and had a partnership with Visa. The AriseCoin developer has been found guilty by the U.S. Department of Justice for fraud and investment funds manipulation. Jared Rice, businessman and AriseBank president is accused of stealing over $4 million from users who trusted his investment system. Rice must pay about $4,258,073 in refunds by North Texas County Judge Ed Kinkeade. Arisecoin fraud well executed Recently the businessman Jared Rice, only 33 years old, has been involved in fraud and embezzlement in his crypto company since March 2019. Rice became the first to be implicated in the AriseBank Fraud, although the Investigations have targeted their entire work team. This crime would correspond to the first of its kind linked to the cryptocurrency market in Texas. The plan was supported by Jared Rice’s argument that the crypto company AriseBank would be the first banking website to support cryptos. According to the North American Department of Justice, all of this was linked with AriseCoin, which would be the native token of the company. Rice manipulated people online to open accounts backed by FDIC. Rice also assured user that AriseBank users could use Visa credit card services, which attracted attention. However, the links that AriseBank supposedly h...