Oct 31, 10:45 PM

Developers Found Guilty in $400,000 NFT Fraud, Face Up to Five Years; Website Designer Gets Eight Years for $58 Million Ponzi Scheme

A federal jury has found two developers guilty of defrauding investors and laundering proceeds through Solana and Ethereum blockchains, following a $400,000 'rug pull' involving three Solana NFT projects in 2022. The Department of Justice (DOJ) reported that the success of these projects was driven by outright false statements. As a result, the developers could face up to five years in prison. In a separate case, a Manhattan federal judge sentenced a California website designer to eight years in prison for his involvement in the $58 million IcomTech cryptocurrency Ponzi scheme, which misled investors into believing the scheme was legitimate.

#Solana #Ethereum #Solana NFT #Department of Justice #DOJ #Manhattan #California #IcomTech #Ponzi

Written with ChatGPT (GPT-4o mini).

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Decrypt@decryptmedia
2 years ago
Following a $400,000 ‘rug pull’ of three Solana NFT projects in 2022, two men face up to five years in U.S. prison. The success of the projects was pushed by “outright false statements,” the Department of Justice (DOJ) report says. Read more: https://t.co/eyDj2bLloh
Decrypt@decryptmedia
2 years ago
NFT Developers Plead Guilty to $400,000 'Rug Pull’, Laundering and Wire Fraud ► https://t.co/YqQHGVK6aH https://t.co/YqQHGVK6aH
Law360@Law360
2 years ago
A Manhattan federal judge on Thursday hit a California website designer with eight years in prison for his role in building online properties that made it look like the $58 million IcomTech cryptocurrency Ponzi scheme was legitimate. https://t.co/6LRxAIncnU https://t.co/8MT6YFumcL

Developers Found Guilty in $400,000 NFT Fraud, Face Up to Five Years; Website Designer Gets Eight Years for $58 Million Ponzi Scheme

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