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A 37-year-old Texas resident, John E. Montroll, was sentenced to 30 years in prison for perjury and countering justice. The operator of Weexchange and Bitfunder is accused of the repeated lies under oath to the SEC of the United States, in an attempt to "cover" the consequences of breaking the exchange where he worked.


John E. Montroll (Ukyo he) was placed under Federal arrest for providing false affidavits and false documents to the Commission on securities and exchange Commission (SEC). He managed two bitcoin services-Weexchange, which functioned as a bitcoin Depository and currency exchange service, and Bitfunder, which facilitated the purchase and trading of shares of companies listed on the platform.

During the summer of 2013 from the stock exchange Weexchange hackers had stolen around 6000 bitcoins, and as a result, two companies did not have enough bitcoins to cover the debt to users. Montroll lied to both investors and investigators trying to hide it.

Montroll denied that the hacking took place, according to him, "the system stopped hackers because the amount was such that caused a failure in the system." He later added that the problem had “been fixed for hours”.

Montroll provided the SEC with a screenshot allegedly showing the number of bitcoins available to Bitfunder and Weexchange users in their wallets as of October 13, 2013. On balance it was 6 679 BTC. However, investigators say they have evidence that the electronic document has been tampered with.

The assistant Director of the FBI William F. Sweeney, Jr. commented on the situation:

"Montroll has committed a serious crime by lying to the SEC under oath in an attempt to cover up the results of the working errors that occur due to holes in the programming code his company. [ ... ] It is said that honesty is always the best policy, and this case once again proves how true it is.”


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