[Senior Promoter of Cryptocurrency Ponzi Scheme IcomTech Sentenced to Nearly Six Years in Prison] BlockBeats News, December 19: On December 19, the U.S. Department of Justice announced that a senior promoter of the cryptocurrency Ponzi scheme IcomTech, 56-year-old Magdaleno Mendoza, was sentenced to 71 months in prison for participating in a large-scale fraud scheme targeting investors across the United States. Jay Clayton, U.S. Attorney for the Southern District of New York, stated that Mendoza played a key role in recruiting victims, particularly within the Spanish-speaking working-class community. 'As a senior promoter of IcomTech, Mendoza helped target Spanish-speaking individuals with little investment experience, including our fellow New Yorkers. He and his accomplices exploited the trust of victims, stealing millions of dollars in hard-earned money from working-class individuals.' IcomTech was established in mid-2018, claiming to be a cryptocurrency mining and trading company that promised investors guaranteed profits in exchange for their funds. However, according to the U.S. Department of Justice's statement, the company never engaged in the promised trading or mining activities. Instead, it used funds from new investors to pay earlier participants and to fund the lavish lifestyles of its promoters.