Bitcoin Platform Operator Pleads Guilty to Lying About Hack


The operator of two defunct cryptocurrency services pleaded guilty to charges that he stole his customers’ deposits and lied to investigators after hackers stole thousands of bitcoins from the services.Jon E. Montroll, 37, of Saginaw, Texas, faces as long as 20 years in prison for securities fraud and obstruction of justice after entering his plea before U.S. Magistrate Judge James L. Cott in New York Monday. Montroll operated two online services -- WeExchange, which served as a bitcoin depository and currency exchange service, and BitFunder, which enabled the purchase and trading of virtual shares of business entities that listed on the platform.

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