NY authorities announce charges related to ‘sham’ crypto recovery firm
Manhattan District Attorney Alvin Bragg announced criminal charges against an individual for using a “sham cryptocurrency asset recovery business” to defraud customers.
In an Aug. 1 notice, the New York Country District Attorney’s office said it had charged Michael Lauchlan with three counts of grand larceny and two counts of scheme to defraud for his role in stealing from Coin Dispute Network users. According to the DA, the “sham” platform claimed to be able to trace and recover lost crypto assets, but instead, it bilked customers out of fees and stole Ether ( ETH ) from at least three users.
“Michael Lauchlan allegedly exploited his customers’ lack of experience with the cryptocurrency industry and in turn fleeced them out of thousands of dollars in sham services and stolen assets,” said Homeland Security Investigations New York Special Agent in Charge Ivan Arvelo.
Coin Dispute Network offered blockchain analysis and tracing and assistance in recovering crypto transactions between July 2022 and June 2023. Bragg’s office seized the firm’s website in June 2023. Authorities arrested Lauchlan, who also goes by the alias Max Handler, in Las Vegas on July 9.
Related: UK police authorized to seize criminal crypto holdings without arrests
The New York County DA seized roughly $14,000 in user funds transferred to CoinEx by Coin Dispute Network. According to the complaint, more than 175 people were affected by alleged false claims from Coin Dispute Network being able to recover lost crypto.
Federal and state authorities in New York have taken several actions against crypto firms operating outside regulatory guidelines and individuals allegedly associated with illicit practices. Former FTX CEO Sam Bankman-Fried was charged, tried, convicted and sentenced in a New York courtroom. New York Attorney General Letitia James has also filed lawsuits for residents who lost money to certain crypto firms.
Magazine: Meet the hackers who can help get your crypto life savings back
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show
Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype

ETH Trades at Historic Lows vs BTC Since 2019
ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls

Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis
BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment

SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy
Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation

Trending news
MoreCrypto prices
More








