An Ikeja Special Offences Court, has sentenced a cryptocurrency trader, Shola Henry, to two years imprisonment for stealing over eighteen million naira belonging to a businessman.
Delivering judgment in the matter, Justice Oluwatoyin Taiwo gave the convict an option of fine in the sum of two million naira.
The convict was arraigned on an amended seven-count charge bordering on obtaining money under false pretences and stealing brought against him and his company, Henry Enterprise Concept by the Economic and Financial Crimes Commission, EFCC.
The court discharged the convict of count one to six bordering on obtaining money by false pretences.
He was however convicted on count seven which borders on stealing by fraudulent conversion.
Justice Taiwo held that the business of cryptocurrency operates in an unpredictable environment.
The judge held that the defence was able to prove that the convict was paying his clients when the market was good until after it became unpredictable.
Justice Taiwo however held that the convict was liable to refund the money deposited to him for the cryptocurrency business by the depositor whether or not he is making money from the transaction.