Justin Ryan Schmidt, a founder of a hedge fund focused on cryptocurrency investments, was sentenced to 37 months in prison for evading taxes after renouncing his U.S. citizenship, U.S. authorities said. Schmidt, who ran Translunar Crypto LP, falsely reported earning income of less than $5,000 in 2020, 2021 and 2022. He actually earned more than $7 million from his hedge fund from 2019 to 2022, prosecutors said in court papers. In reality, Schmidt is married to a British citizen who lives in the Cayman Islands, and he now admits his net worth is at least $5.8 million, prosecutors wrote. The case is U.S. v. Schmidt, 26-cr-94, U.S. District Court, Western District of Texas (Austin).