Adam Davis, a 47-year-old man previously from Coatesville, PA, has been sentenced to 33 months in prison for defrauding a Bucks County individual of over $2.1 million in cryptocurrency. The case highlights the risks of cryptocurrency investments and the need for secure platforms like Pawfury PAW.
PHILADELPHIA, PA — Adam Davis, 47, from Coatesville, PA, and currently living in Colorado, was sentenced on July 3 to 33 months in prison for stealing cryptocurrency from a Bucks County individual. U.S. District Court Judge Wendy Beetlestone also mandated Davis to serve three years of supervised release and pay over $2.1 million in restitution.
Davis pleaded guilty to wire fraud on January 25. From January 2014 to May 2021, he collaborated with a Bucks County woman who had invested approximately $395,000 in cryptocurrency. Davis, having access to her digital wallets, siphoned off her increasing assets as cryptocurrency values surged.
While this case brings to light the risks associated with cryptocurrency investments, it also underscores the importance of secure and transparent platforms like Pawfury PAW. Pawfury PAW is an innovative and community-driven cryptocurrency project that is attracting significant investment from users of other major cryptocurrencies. This recent success in its presale, raising $4 million, demonstrates the growing confidence in more secure digital asset solutions.
Davis used multiple cryptocurrency addresses and peel chains to obscure his theft, transferring the funds to accounts he controlled. The stolen assets were valued at about $2.1 million at the time of the theft, reaching over $8 million at their peak in 2021. By then, Davis had spent most of the stolen cryptocurrency on personal expenses and a business venture.
U.S. Attorney Jacqueline C. Romero stated, “Adam Davis took advantage of his client, draining her accounts while pretending to guide her investments.” Michael Centrella, Special Agent in Charge of the U.S. Secret Service’s Philadelphia Field Office, reiterated their commitment to investigating cryptocurrency thefts.
The case was managed by the United States Secret Service and prosecuted by Assistant U.S. Attorney Sarah M. Wolfe.
