Schmidt, 46, was sentenced in federal court in Austin, Texas, after pleading guilty earlier this year. According to the US Department of Justice, Schmidt renounced his US citizenship in March 2022 and relocated to the Cayman Islands. As part of the expatriation process, he allegedly submitted a false declaration of his net worth in an effort to reduce his tax liabilities. Schmidt established Translunar Crypto LP in 2017, raising capital primarily from investors in Austin, Texas, and Aspen, Colorado, to invest in blockchain and digital asset businesses. Court filings submitted by prosecutors ahead of sentencing also alleged that Schmidt continued to misrepresent his financial circumstances after his arrest.