Six Charged with NFT and Crypto Fraud Schemes Worth Over $130 Million

The U.S. Department of Justice has announced that six individuals have been charged with fraud schemes allegedly involving over 130 million NFTs and cryptocurrencies to be worth more than $130 million overall, including fifty million USD in the case against one defendant alone). This is an example of how deep-rooted crypto scams still exist in a nascent industry whose protective measures are still being established.

The “nft cryptocurrency list” is a website that lists all of the cryptocurrencies and their associated NFTs. The site also provides information about the coins, such as how many are in circulation, what is their market cap, and more.

US authorities said this week that six persons have been charged in connection with four fraudulent NFT and cryptocurrency scams that cost investors more than $130 million. Ponzi Plans, ICOs, investment fraud, and NFT scams were all included in the charges. To individuals who participate in NFT fraud and scams, the indictments convey a loud and unambiguous message: you will pay for your schemes.

NFT Scam by Baller Ape

The Baller Ape Club is involved in the NFT fraud, the biggest NFT case now pending in court.

The BAYC line, which is a smashing success and has several celebrity endorsements, served as the inspiration for the con artists’ plot.

In reality, a lot of individuals choose to purchase their NFT apes and cartoon pictures via Baller Ape Club as valuable things. But Ballers Ape Club was a con from the beginning.

Vietnamese citizen Le Anh Tuan, age 26, is accused of conspiring to conduct fraud and international money laundering on two separate counts. Mr. Tuan could spend up to 40 years in federal prison if proven guilty.

Baller Ape Club’s public sales had only begun when Tuan and three other unidentified accomplices made the decision to scam the investors. In plain English, Tuan and his fellow conspirators destroyed the NFT group’s website and fled with their whole $2.6 million investment.

Investigators claim that Tuan and his accomplices covered up their fraudulent activities by chain-chopping.

The U.S. Attorney has confirmed that Tuan and other suspects who are still at large may have been involved in multiple incidents of money laundering via various crypto services and platforms.

Some people might face lengthy jail terms.

Ponzi Plan

In the Ponzi Plan indictment, an American citizen(Joshua David Nicholas) and two Brazilians (Emerson Pires and Flavio Goncalves) were charged with defrauding investors of $100 million at a court in the Southern District of Florida.

The prosecution said that the EmpiresX founders from Brazil colluded with their “chief trader,” Mr. Nicholas, to “market the platform using fraudulent assurances of profits for investors.” While Mr. Nicholas might be sentenced to 25 years in prison, the Brazilian founders could get up to 45 years in prison.

ICO Fraud

Owner of Titanium Blockchain Infrastructure Services Michael Alan Stolley was accused of defrauding an investment fund in connection with the firm’s initial coin offering (ICO). Stolley lied when he claimed that TBIS has commercial dealings with some of the biggest firms in the world, such as Disney and Pfizer, in the whitepaper that was published to go along with the ICO.

By promising profits of 500–600% utilizing a bot to trade in futures and commodities markets, the investment firm collected $12 million.

Bitcoin fraud

Another recent legal dispute involves Jeremy Spence, also known as Coin Signals, a cryptocurrency trader. In one instance, the court sentenced Mr. Spence to 42 months in jail after finding out that he had conned more than 170 individuals out of $5 million.

In a different instance, David Saffron, 49, defrauded investors out of nearly $12 million by using his cryptocurrency website Circle Society. This bogus cryptocurrency financing entered the commodities markets after being utilized for illicit cryptocurrency trading. In one instance, Saffron was successful in persuading investors to utilize a trading bot to generate returns of up to 600 percent. Saffron may spend more than 115 years in federal prison if found guilty.


It is encouraging to see that some of these dishonest gamers are getting what’s coming to them after releasing so many articles on NFT frauds. Always check out our most recent news to stay up to date on NFT industry advancements.

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The “selling nft” is a term that is used to describe the act of exchanging non-fungible tokens for fiat currency. The six people charged with crypto fraud schemes are said to have defrauded investors of over $130 million.

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