WHEELING, W.Va. (AP) — A Pennsylvania man has admitted to defrauding a West Virginia bank of more than $550,000.

Randall Joseph Smail, 23, of Jeannette, Pennsylvania, pleaded guilty Tuesday to one count of bank fraud in federal court in Wheeling.

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While applying for a loan from Pendleton Community Bank, Smail produced a fake account statement showing he had $640 million in Bitcoin currency. Bitcoin is a form of digital cash secured by encryption technology. Smail also produced other fictitious paperwork showing $10 million in another bank that he transferred from his cryptocurrency account, U.S. Attorney Bill Powell said in a news release.

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Smail faces up to 30 years in prison and a $1 million fine.

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