Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Oklahoma man pleads guilty to wire fraud conspiracy charges related to $9.4 million crypto scam

Oklahoma man pleads guilty to wire fraud conspiracy charges related to $9.4 million crypto scam

The BlockThe Block2025/01/09 16:00
By:The Block

Quick Take An Oklahoma man pleaded guilty to operating a fraudulent crypto investment firm that raked in $9.4 million by promising returns of 1-2% per day, according to the DOJ. He faces a maximum sentence of five years in prison for one count of conspiracy to commit wire fraud.

Oklahoma man pleads guilty to wire fraud conspiracy charges related to $9.4 million crypto scam image 0

Travis Ford, a 35-year-old Oklahoma man, pleaded guilty to one count of conspiracy to commit wire fraud related to his role in operating a "fraudulent" cryptocurrency investment firm, according to a release from the U.S. Department of Justice on Friday. 

Ford helmed Wolf Capital Crypto Trading LLC, or Wolf Capital, as its co-founder, CEO and head trader. He solicited individuals to invest millions of dollars in the firm through promotions, social media posts and its website between January and August of 2023, according to the DOJ.

Ford allegedly stated he could net returns of around 1-2% per day, or 547% per year, and ultimately raised $9.4 million from around 2,800 investors.

The DOJ argued Ford invoked false promises to entice individuals to invest in the firm, then used investor funds "to benefit himself and his co-conspirators to the detriment of investors."

While Ford's charge shows that Ponzi schemes built around promises of riches are still prevalent in the crypto industry, bad actors are increasingly ditching them in favor of " pig butchering ." Such schemes involve fraudsters scamming victims out of large sums of money after gaining their trust or feigning romantic interest, The Block previously reported. 


0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like