Colorado man convicted of stealing millions in cryptocurrency from Pennsylvania woman

(WJET/WFXP) — A Colorado man originally from Pennsylvania has been sentenced after pleading guilty to stealing millions of dollars in cryptocurrency from a Pennsylvania woman.

A Philadelphia-area judge sentenced Adam Davis, 47, of Coatesville, Pennsylvania, to 33 months in prison followed by three years of supervised release and to pay about $2.1 million in restitution after he pleaded guilty to a single count of wire fraud in January.

According to U.S. Attorney Jacqueline C. Romero, Davis was hired to help a Bucks County woman manage $395,000 she had invested, giving her access to her digital wallets between January 2014 and May 2021.

During this time, Davis transferred a total of $2.1 million in cryptocurrency from his account to his own and moved it through numerous other accounts to conceal his theft with the assets he stole – ultimately increasing in value to over $8 million by January 2021.

By the time the victim realized it, Davis had already cashed out the cryptocurrency he had stolen and spent it on personal expenses as well as a new business venture.

“Whether it’s cryptocurrency or cash, stealing money that doesn’t belong to you is a crime,” said U.S. Attorney Romero. “Adam Davis took advantage of someone who turned to him for advice, making the victim wait while he drained the assets from their accounts. My office and the Secret Service will not hesitate to hold cybercriminals accountable for the laws they broke and the harm they caused their victims.”

The case was investigated by the U.S. Secret Service and prosecuted by Assistant U.S. Attorney Sarah M. Wolfe. U.S. Secret Service analysts also played a significant role in the case.