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Judge Refuses Bail for Bitcoin Rodney, Highlighting Risk of Flight and Seriousness of Fraud Charges
- Bitcoin Rodney will continue to be held in custody as a US judge rejects his bail application, citing concerns over flight risk and the seriousness of the fraud.
Rodney Burton, referred to as “Bitcoin Rodney,” will stay in custody while awaiting trial on allegations of orchestrating a multi-billion-dollar cryptocurrency scam.
Burton was apprehended in January at Miami International Airport and is facing charges of conspiracy to run an unlicensed money-transmitting operation as well as the actual execution of such a business.
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On Tuesday, US District Judge Richard Bennett turned down Burton’s bail plea, identifying him as a considerable flight risk.
Last month, Burton sought release under stringent high-intensity supervision, but prosecutors contend that he is heavily implicated in a Ponzi scheme.
They provided evidence from a recorded phone call in which Burton purportedly talked about plans to relocate to Dubai to pursue his cryptocurrency endeavors, despite being conscious of the potential damage to others.
The indictment outlines numerous unlawful financial transactions.
Judge Bennett emphasized the gravity of the alleged $2 billion fraud and Burton’s previous convictions for conspiracy to distribute cocaine, which supported the decision to deny bail. No trial date has been set.
