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Judge Denies Bail for Bitcoin Rodney, Citing Flight Risk and Fraud Severity

source-logo  news.bitcoin.com 10 July 2024 07:22, UTC

Rodney Burton, known as “Bitcoin Rodney,” will remain in detention awaiting trial on charges of masterminding a multi-billion-dollar cryptocurrency fraud. Arrested in January at Miami International Airport, Burton faces accusations of conspiracy to operate an unlicensed money-transmitting business and the actual operation of such a business. U.S. District Judge Richard Bennett denied Burton’s bail request on Tuesday, citing him as a significant flight risk. Last month, Burton requested release under strict high-intensity supervision, but prosecutors argue that he is deeply involved in a Ponzi scheme. They presented evidence from a recorded phone conversation in which Burton allegedly discussed plans to move to Dubai to continue his cryptocurrency activities, despite being aware of the potential harm to others. The indictment details numerous illegal financial transactions. Judge Bennett highlighted the severity of the alleged $2 billion fraud and Burton’s prior convictions for conspiracy to distribute cocaine, reinforcing the decision to deny bail. No trial date has been scheduled.