He is considered to be the most famous crypto con man in Germany. Joerg Molt, who for years posed as a “Bitcoin Co-Founder,” was charged with embezzlement and fraud in 262 cases and sentenced by the competent court to 39 months in prison for embezzlement. The victims are stunned by the lenient sentence. He is alleged to have embezzled at least 80 BTC, equivalent to around €1.4 million. The court could not establish the fraud beyond reasonable doubt and acquitted him in this regard.
The Crypto Mining Scheme
Between 2017 and 2020, Joerg Molt persuaded numerous investors to invest in a supposed bitcoin mining scheme. According to Molt, 60 percent went into the equipment, and 40 percent was to be held as collateral. In the end, it turned out to be a Ponzi scheme. The court found that Molt misappropriated his clients’ funds and used them for private expenses. Embezzlement it is. But the court has not seen fraudulent behavior.
No Justice And No Money For Victims
The victims are appalled by the behavior of the German court because no restitution payments for victims were ordered in this trial. The seizure of about €260,000 was ordered, but the authorities received no funds. This probably means that all injured parties will have to take civil action against Joerg Molt to recover the lost money or at least part of it.
As we have seen many times, Germany and Austria are among the worst countries when it comes to victim protection and restitution payments.