Bitcoin exchange owner gets 14 months in jail for lying about hack to SEC

Jon Montroll, founder of defunct exchange Bitfunder, has been sentenced to 14 months in jail after pleading guilty to fraud and obstruction of justice related to a July 2013 hack that lost more than 6,000 bitcoin ($BTC). Montroll allegedly defrauded customers by failing to disclose the hack and misappropriating funds to cover it up. When questioned by the U.S. Securities and Exchange Commission Montroll assured regulators that funds were safe and provided them with fake screenshots of balances.