Man pleads guilty in Bitcoin robbery scheme

WICHITA FALLS (KFDX/KJTL) — A worker claiming to have been robbed of hundreds of {dollars} in bitcoin pleads guilty to theft.

Timothy Paul Sears, 42, pleaded guilty to Theft over $2,500 and underneath $30K on Thursday Nov. 17 2022.


According to the arrest affidavit, on Oct. 18, 2019, Wichita Falls Police have been despatched to Sikes Senter for a reported aggravated robbery. Sears, a Coin Cloud worker, mentioned he was despatched to gather cash from a bitcoin machine contained in the mall and was speculated to deposit it in a checking account.

He mentioned he collected the cash and was robbed by an armed man in a sports activities automobile whereas strolling again to his car.

Surveillance video from the scene confirmed no robbery or sports activities automobile. A consultant from Coin Cloud confirmed Sears eliminated $9,000 from the machine.

A search of Sears’ cellphone discovered he texted his landlord saying he could be late on his lease.

On Oct. 18, Sears went to the kiosk and eliminated the cash. A short while later he referred to as Coin Cloud to report he had been robbed.

Sears later despatched a textual content hyperlink of a news story concerning the robbery to somebody named Noah and mentioned he had “21g in a saggy.” Sears’ landlord instructed police he paid his lease and late charges with an digital money order.

Sears was jailed on Thursday, Nov 23. 2022 for Theft.  According to court docket documentation, he acquired two years probation and was ordered to pay $9,000 restitution to Cloud Coin. His bond was set at $20,001.

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