The trial, which lasted over 60 days and included more than 300 hours of hearings, took place at the Klagenfurt Regional Court.

Among their extravagant expenditures, the defendants reportedly spent over $100,000 on sex workers and even installed a shark tank in a villa in Bali.

To conceal their operations, the defendants employed various tactics, such as transporting cash in plastic bags and storing money in shoeboxes.

The fraudulent operation, linked to the EXW Wallet, promised daily returns of up to 0.32% before collapsing in 2020.

In one of Austria's largest financial crime cases, five individuals have been sentenced for their roles in a $16 million Ponzi scheme that defrauded approximately 40,000 investors.

The trial involved multiple defendants from various countries, highlighting the international scope of the fraudulent activities.

The sentences varied, with two defendants receiving five-year prison terms, while others were sentenced to shorter terms or suspended sentences, and five were acquitted.

Investigations revealed that the fraudsters funded extravagant lifestyles with stolen money, including luxury cars, private jets, and lavish parties in Dubai.

They also communicated via encrypted messaging and laundered funds through cryptocurrency platforms, complicating detection efforts.

The case initially involved eight individuals indicted in September 2023, with charges of commercial fraud, money laundering, and operating pyramid schemes.

While the defense claimed the defendants intended to create legitimate investment opportunities, the prosecution argued that the scheme was fraudulent from the outset.

In addition to the crypto fraud, some defendants are under investigation for a separate cannabis-related scheme that allegedly defrauded $17.2 million from 17,000 victims.