Two crypto fraudsters in the UK have been sentenced to over six years in prison for defrauding investors with promises of high returns on a non-existent cryptocurrency called "Telecoin". Ross Jay and Michael Freckleton, who operated under the shell company Digi Ex, reportedly paid themselves and their employees hefty salaries instead of investing the $635,000 they received. The rise of unregulated crypto ATMs in the UK has alarmed authorities, leading to strict registration requirements and high-profile raids. The Financial Conduct Authority (FCA) has warned investors to only go with FCA-registered companies and to contact accredited financial advisors if in doubt.