Bitcoin Billionaire Faces 141 Years for $212,000 Wyoming Swindle

An arrest warrant has been issued for Kevin Segal, a self-proclaimed “Bitcoin billionaire,” who allegedly failed to appear for a court hearing after a friend posted his $50,000 bond. Prosecutors accuse Segal of swindling businesses in Wyoming out of more than $212,000. The 30-year-old California resident faces up to 141 years in prison if convicted.

Segal is alleged to have posed as a wealthy businessman attempting to purchase millions in real estate in the Jackson Hole area while leaving a trail of unpaid bills at luxury resorts and businesses. Judge Bill Simpson issued a bench warrant across all 50 states after Segal skipped his Wednesday court appearance and allegedly failed to surrender his passport as ordered.

Jason Irvine, who posted Segal’s bond, claimed he maxed out three credit cards to help what he believed was a friend in need. Irvine stated that Segal had promised him “a large Bitcoin payout that equated to half a million dollars” in exchange for posting the bond but disappeared after being released from jail on Feb. 14. Irvine felt betrayed and sent Segal a text message: “You screwed me over, and now I really don’t believe anything you say anymore.” Irvine is now considering bankruptcy due to the financial damage.

Investigators discovered a pattern of fraudulent activities throughout Wyoming. Segal reportedly stayed at the luxurious Amangani resort with his mother and a friend, allegedly leaving a $2,725.76 bill unpaid. At Spring Creek Ranch, three cards he used for bills totaling over $22,000 were reported to be fraudulent. It was also reported that he left the Mangy Moose Saloon with an unpaid $3,055.28 tab.

The alleged scams extended to individuals as well. Prosecutors say Segal hired a man to purchase a DJI drone in Colorado with a promise of reimbursement, then wrote a check for $3,281.46 that failed to clear. In another instance, he sent a delivery man to drive a Dodge back to Los Angeles, promising to pay for return flights that were allegedly never purchased. The men were stranded and forced to buy their own tickets home, with Segal later sending a fake wire transfer screenshot to cover their $3,101 in expenses.

This isn’t Segal’s first legal trouble. Court documents show he previously faced a civil lawsuit claiming he falsely claimed to have stocks exceeding $340 million and a successful company to lease a Los Angeles property. If caught, Segal will face a substantially increased bond of $750,000 cash-only.

Segal's actions highlight a growing concern about individuals using cryptocurrency as a facade to commit financial fraud. His alleged scheme involved convincing others of his wealth and success in the cryptocurrency market to gain their trust and financial support. This case serves as a reminder of the importance of thorough due diligence and verification when dealing with individuals claiming significant wealth in the cryptocurrency space.

The warrant issued for Segal's arrest underscores the seriousness of the charges against him and the potential consequences he faces if convicted. The increased bond amount reflects the severity of the allegations and the need to ensure his appearance in court. The case also raises questions about the effectiveness of current legal measures in preventing and prosecuting cryptocurrency-related fraud.

As the investigation continues, it is crucial for authorities to gather evidence and build a strong case against Segal. The outcome of this case could set a precedent for future cryptocurrency-related fraud cases and serve as a deterrent to others who may attempt similar schemes. The public is urged to remain vigilant and report any suspicious activities related to cryptocurrency investments.