A million-follower blogger, ethnic Armenian Arut Nazaryan, known for lavish lifestyle and expensive purchases, is now unable to leave the UAE after a conviction for cryptocurrency fraud.
The court sentenced him to two years in prison and fined him 200 million dirhams (approximately $54.4 million) for operating an unlicensed crypto exchange.
Nazaryan claims to have lost all his assets and is selling real estate and cars, but the proceeds are not enough to cover the massive debt.
His lawyers managed to reduce the possible six-year sentence to two years, but under UAE law, he cannot leave the country until the fine is paid in full.
