Adam Davis, a man originally from Coatesville, PA, was sentenced to 33 months in prison for stealing over $8 million in cryptocurrency from a Bucks County woman. The theft occurred over a period of several years, during which Davis misused his client’s trust and access to her digital wallets.
PHILADELPHIA, PA — Adam Davis, 47, originally from Coatesville, PA, and currently residing in Colorado, was sentenced to 33 months in prison on July 3 for stealing millions in cryptocurrency from a Bucks County woman. U.S. District Court Judge Wendy Beetlestone also mandated three years of supervised release and over $2.1 million in restitution.
Davis had previously pleaded guilty to one count of wire fraud on January 25. From January 2014 to May 2021, he collaborated with the victim, who had invested approximately $395,000 in cryptocurrency. Davis misused his access to her digital wallets, siphoning her assets as the value of Bitcoin and other cryptocurrencies increased.
He utilized multiple cryptocurrency addresses and peel chains to disguise the theft, transferring the funds to accounts he controlled. The stolen assets, initially valued at around $2.1 million, peaked at over $8 million in 2021. By that time, Davis had already liquidated most of the assets, using the proceeds for personal expenses and a business venture.
U.S. Attorney Jacqueline C. Romero commented, “Whether it’s cryptocurrency or cash, stealing is a crime,” and highlighted how Davis manipulated his client’s trust. Special Agent Michael Centrella from the U.S. Secret Service’s Philadelphia Field Office stressed their dedication to probing cryptocurrency thefts, noting Davis’s breach of trust.
The case was managed by the U.S. Secret Service and prosecuted by Assistant U.S. Attorney Sarah M. Wolfe.
