• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Thomas Sfraga Receives Prison Sentence for Cryptocurrency Fraud

user avatar

by Giorgi Kostiuk

6 hours ago


Thomas John Sfraga, known as 'TJ Stone,' has been sentenced to prison and ordered to pay over $1.3 million in forfeiture for cryptocurrency fraud. His case is part of several notable crypto-related criminal activities pursued in court.

Sfraga and His Cryptocurrency Scheme

Thomas Sfraga, a podcaster and influencer in the cryptocurrency field, claimed ownership of several businesses, including 'Vandelay Contracting,' and hosted numerous crypto events in New York City. The US Justice Department said he convinced a victim to invest in a fictitious 'virtual wallet', promising high returns.

Sfraga convinced a victim to invest in a fictitious cryptocurrency 'virtual wallet.'

Context and Similar Cases

Sfraga's fraud is part of a broader investigation into cryptocurrency scams pursued by the Eastern District Court of New York. Former SafeMoon CEO Braden John Karony also faces charges in this court and requested to delay his case due to policy considerations.

Connection to 'Seinfeld'

Sfraga's 'Seinfeldian' scheme is not unique in linking the crypto industry to the iconic sitcom. Comedian Larry David, a co-creator of the show, appeared in an ad for the now-defunct FTX exchange and later called himself 'an idiot' for endorsing the company.

The case of Thomas Sfraga and the related activities underscore the ongoing concern of legal authorities regarding cryptocurrency fraud, emphasizing the importance of regulatory measures in this rapidly developing sector.

0

Share

Other news

Top Cryptocurrencies to Invest in 2025: Insights and Key Features

Explore the best cryptocurrencies for long-term investment in 2025, including Dawgz AI and other leading projects.

user avatarGiorgi Kostiuk

4 minutes ago

CoinsPaid Introduces ESG Policy for Sustainable Crypto Payments

CoinsPaid launches ESG policy to drive sustainability and trust in the crypto industry.

user avatarGiorgi Kostiuk

5 minutes ago

Arctic Pablo Coin: Prospects and Current Updates

Explore the updates and prospects of Arctic Pablo Coin, Brett, and Neiro in March 2025.

user avatarGiorgi Kostiuk

11 minutes ago

Bitcoin to Outperform Gold, Fundstrat's Tom Lee Predicts

Fundstrat's Tom Lee predicts Bitcoin will become the best asset class of the year, outshining gold despite a weak start.

user avatarGiorgi Kostiuk

15 minutes ago

BlackRock Set to File for XRP ETF Post-Ripple SEC Resolution

BlackRock plans to join XRP ETF race post-Ripple SEC settlement.

user avatarGiorgi Kostiuk

28 minutes ago

Bitcoin Whales Increasing Holdings, Short-Term Holders Selling at a Loss

Bitcoin whales are buying more BTC while short-term holders sell at a loss due to market uncertainty.

user avatarGiorgi Kostiuk

37 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.