A 50-year-old man has been sentenced to four years in prison by the Fontainebleau Criminal Court for his involvement in a “vast” and “international” French crypto scam that defrauded at least 14 victims out of over $375,000.

The mastermind of the scam and his associates posed as a well-known French hedge fund manager and trader, Pierre Andurand, to approach victims and offered to help them recover their funds in exchange for a commission fee or reinvesting in their own platform.

The criminals were able to obtain an “old file” from a defunct crypto trading platform, which contained the names and contact details of the victims.

The case highlights the importance of exercising caution and conducting due diligence before investing in cryptocurrency.