CluCoin Founder Admits to Defrauding Investors of $1.14 Million

by Giorgi Kostiuk

a year ago

Creation of CluCoin and Attracting Investors
NFTCon and Further Projects
Fraud and Legal Proceedings

Austin Michael Taylor, the man behind CluCoin and the CLU token, admitted to pocketing $1.14 million from investors. The money was spent on online gambling.

Creation of CluCoin and Attracting Investors

Taylor launched CluCoin with a significant social media following and hyped up the CLU token. During the ICO on May 19, 2021, he drew substantial investment by claiming the project had a charitable focus.

NFTCon and Further Projects

After the ICO, Taylor promoted new ventures like NFTs, a video game, and a metaverse platform. In April 2022, he hosted 'NFTCon: Into the Metaverse' in Miami, continuing to gather investment for CLU and related projects.

Fraud and Legal Proceedings

By May 2022, Taylor had figured out a way to transfer investor funds to his personal account and spent $1.14 million on online gambling. His sentencing hearing is set for October 31, with a potential prison sentence of up to 20 years.

Austin Michael Taylor has admitted to defrauding CluCoin investors. He faces up to 20 years in prison, with the final sentence to be determined on October 31.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Capital Fragmentation Weakens Bitcoin's Market Dominance

The fragmentation of capital across the crypto market is weakening Bitcoin's dominance, making it harder for the asset to regain momentum after a rally.

Son Min-ho7 minutes ago

Securitize Targets Institutional Investors with Tokenized Equities

Securitize's new platform aims to target institutional investors with tokenized equities, enhancing access to US stocks in regions with limited brokerage services.

Ayman Ben Youssef11 minutes ago

Tokenized Equities to Enable 24/7 Trading and Faster Settlements

Tokenized equities provide continuous market access, enabling 24/7 trading and faster settlements, modernizing market infrastructure.

Kofi Adjeman11 minutes ago

Dogecoin Experiences Significant Selloff After Fed Rate Decision

Dogecoin fell below a critical support level after the Federal Reserve's rate decision, leading to increased selling pressure.

Tando Nkube11 minutes ago

Fidelity's CEO Advocates for Blockchain Adoption in Finance

Fidelity CEO Abigael Johnson advocates for blockchain adoption in finance, citing the need for institutions to adapt to new technologies to remain competitive.