Cryptocurrency "godfather" sentenced to 78 months in prison for $37 million Meta fraud case and other crimes

According to Decrypt, Adam Iza, a 26-year-old who identifies himself as the crypto "godfather," was sentenced by a U.S. court to 78 months in prison for crimes including hiring Los Angeles County sheriff's deputies to illegally obtain personal information, committing fraud, and tax evasion. He was also ordered to pay approximately $23.4 million in restitution. According to disclosures by the U.S. Department of Justice, between 2020 and 2022, Iza illegally accessed Meta Business Manager accounts and associated credit lines, selling access rights to advertising firms and causing Meta approximately $37 million in losses. He additionally hired off-duty officers to obtain law enforcement records, apply for search warrants, and intimidate opponents in business disputes; five former officers have already been convicted as a result. Iza also transferred funds through cryptocurrency custodians to conceal his income and evade tax reporting, causing the Internal Revenue Service approximately $13.29 million in lost tax revenue. Notably, Iza was previously sentenced to 15 years in prison for an attempted Bitcoin robbery. This 78-month sentence will run concurrently with his prior term, meaning it will not increase his actual time served.