Feds Will Contact Victims of Million-Dollar Crypto Scam 'via NFT’ After Founder's Guilty Plea - Decrypt
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Feds Will Contact Victims of Million-Dollar Crypto Scam 'via NFT’ After Founder's Guilty Plea
Law enforcement will use NFTs to reach out to victims impacted by fraudulent activity from the founder of crypto project CluCoin. Federal authorities in Miami said Wednesday that victims of the cryptocurren
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Summary
- 🚨 **Guilty Plea**: Austin Michael Taylor, co-founder of CluCoin, pleaded guilty to wire fraud after misappropriating $1.14 million of investor funds.
- 💰 **Fraudulent Activity**: Funds raised through CluCoin's ICO were intended for project development but were instead gambled away by Taylor.
- 🎮 **Project Shift**: Initially marketed as a charitable project, CluCoin later pivoted to focus on developing a video game and metaverse platform.
- 📩 **Victim Outreach via NFT**: Federal authorities will contact victims of the scam using NFTs, unique blockchain tokens, to notify them of the situation.
- 📺 **Social Media Influence**: Taylor, known as DNP3 on Twitch with 242,000 followers, leveraged his platform to promote CluCoin and mislead investors.
Top Highlights
- Feds Will Contact Victims of Million-Dollar Crypto Scam 'via NFT’ After Founder's Guilty Plea Law enforcement will use NFTs to reach out to victims impacted by fraudulent activity from the founder of crypto project CluCoin.
- Federal authorities in Miami said Wednesday that victims of the cryptocurrency project CluCoin on BNB Chain will receive notices via NFTs—that is, unique blockchain tokens—after the project’s co-founder pleaded guilty to wire fraud in federal court. Austin Michael Taylor, who launched CluCoin (CLU) in 2021, admitted to transferring $1.14 million w...
- Taylor streamed on Twitch under the username DNP3, amassing 242,000 followers on the platform. Leveraging his existing social media accounts, Taylor initially told investors that CluCoin would “provide an ongoing income for charitable projects” chosen by the community. The project’s focus later shifted to developing a video game and metaverse platf...
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