Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, has been sentenced to seven years in prison for orchestrating a multi-million-dollar fraud that defrauded investors of approximately $10 million. Chief U.S. District Judge Richard Seeborg handed down the 84-month sentence, following a five-week trial that concluded in March 2025. Andrade was found guilty of wire fraud and money laundering, having misled investors with false claims about AML Bitcoin’s development, use cases, and alleged partnerships, including a fabricated deal with the Panama Canal Authority.
The U.S. Attorney’s Office for the Northern District of California revealed that Andrade’s scheme, launched under the NAC Foundation in 2014, raised over $5 million through an initial coin offering (ICO) in 2017–2018. The token was marketed as a revolutionary cryptocurrency with built-in AML/KYC compliance and biometric verification, but no such platform existed. Evidence presented in court showed that Andrade siphoned off more than $2 million for personal expenses, including two Texas properties and luxury cars, while laundering funds through multiple bank accounts. Alongside the prison term, Andrade faces three years of supervised release and a forfeiture order, with a hearing on September 16, 2025, to determine the exact amount of restitution owed to victims.
United States Attorney Craig H. Missakian stated, “Andrade exploited the trust of investors, using their hard-earned money to fund his lavish lifestyle. This case underscores our commitment to prosecuting those who undermine the integrity of digital asset markets.”
In a parallel development, the tech industry is witnessing an escalating talent war. Elon Musk announced on X on August 3, 2025, that senior Meta engineers have joined xAI, drawn by its growth potential despite modest initial compensation. Musk highlighted xAI’s merit-based culture and its rapid innovation, including the launch of ten tools in its first year, such as Grok 3 with DeepSearch and the Aurora image generator. A user on X praised xAI’s efficiency, noting, “No AI lab matches xAI speed with a small team in just two years.”
Meta, meanwhile, has been aggressively recruiting, reportedly offering $100 million packages to OpenAI staff, though some declined, favoring OpenAI’s AGI focus. Meta’s Q2 earnings of $7.14 per share and $47.52 billion in revenue exceeded forecasts, boosting its stock by 12.2% in Frankfurt trading.
