Blockchain and web3 technology have been adopted by almost every industry in some form. The crypto boom, however, has also resulted in widespread security issues, frauds, and scams amounting to billions of dollars lost in 2021 alone. In a $21 million cryptocurrency fraud scheme, a 54-year-old Reseda man falsely claimed his business had partnered with Apple Inc, Pfizer Inc, and Disney, authorities said. The scam was an ICO fraud. Coin offerings are a great way for crypto projects to raise money, like the $4.1 billion raised by Block.one when it released the EOS token
CEO and founder of Titanium Blockchain Infrastructure Services, Michael Alan Stollery, has been charged with securities fraud, the U.S. Attorney’s Office announced Thursday. Stollery also falsified documents explaining how cryptocurrency technology works, posted fake testimonials, and lied about relationships with the Federal Reserve Board and dozens of major companies, prosecutors allege. Due to this, the company raised about $21 million from investors in the United States and overseas with its initial coin offering.
“Mr. Stollery convinced victims to invest by deceiving them with calculated lies about the profit potential and by artfully creating an illusion that he was well-connected and a proven success,” Kristi Johnson, assistant director in charge of the FBI’s Los Angeles Field Office, said in a statement. “ Stollery faces up to 20 years in prison if convicted, officials said.
Via this site California man charged in $21 million cryptocurrency fraud scheme – Silicon Valley
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
