New Haven Bitcoin Thief Sentenced To Prison

NEW HAVEN, CT — A city man was sentenced to 12 months and one day of federal prison for stealing bitcoins through a phishing scheme.

Michael Richo, 37, stole the electronic currency on the dark web by posting fake links to online marketplaces, according to the U.S. Attorney District of Connecticut office. Bitcoins are often used on the dark web marketplaces to purchase goods. Richo would collect the usernames and passwords and use the credentials to steal bitcoins from marketplaces.

He would then sell the bitcoins in exchange for U.S. currency which he deposited into his own bank accounts.

Richo obtained more than $365,000 through the scheme and had more than 10,000 stolen usernames and passwords saved on his computer. He previously pleaded guilty to one count of access device fraud and one count of money laundering.