Homero Joshua Garza, the CEO of the now-defunct U.S. crypto firm GAW Miners, has been sentenced to 21 months in prison for defrauding investors, local news agency Hartford Business reports Thursday, September 13. Garza received the verdict in the Hartford federal court, following his guilty plea to a wire fraud charge related to creating and selling a scamcoin dubbed PayCoin (XPY). Instead of serving the original 20 year sentence, Garza will report to prison on January 4, 2019 and be jailed until 2021, with an additional three years of supervised release, including six months in home detention. In addition to …

Art by: Jing Jin [Update: Coinfire and members of the Bitcointalk forum have reported that Circle, Paybase/Paycoin's credit card processsor, has cancelled Paybase's account, presumably for violating Circle's TOS policy on virtual currencies] At the center of the Paycoin controversy is the disagreement among critics and GAW over if the US $20 price floor was ever actually something they promised to enforce. The company recently released a statement explaining their side of the argument. They claim that the US$ 20 figure was based off of figures “very much like a mathematical equation” and that their plan of “expanding market capitalization, …