Two California men have been jailed for defrauding investors by issuing cryptocurrencies that totaled more than 2,000 investors and defrauded them of about $1.9 million. The pair pleaded guilty to securities fraud charges in August 2021 and face three years and two and a half years in prison, respectively. Jeremy McAlpine, 26, and Zachary Matar, 29, founded Dropil, an investment management service and trading program, in 2017 and ran it until March 2020. Dropil encourages investors to participate in the initial token offering of Dropil's native token DROP in 2018. By purchasing DROP, investors are promised to generate up to 63% annual returns through automated trading robots and distribute it every 15 days.