Crypto trader and co-founder of Wolf Capital Travis Ford has admitted to defrauding his victims out of more than $9,4 million.
According to the US Department of Justice, Ford deceived about 2800 investors into investing several million dollars in his fraudulent crypto project from January to August 2023. He communicated with potential victims through social media and posed as an experienced crypto trader, promising daily returns of 1-2%. However, the money received ended up in the personal accounts of Ford and his accomplices.
It is not yet known how many years in prison the Wolf Capital co-founder will receive. The court has not yet set a sentencing date.
Ford's case is just one part of a larger fight that authorities around the world are waging against cryptocurrency scammers. On January 5, police in Vietnam arrested four people for their participation in a mining scam that defrauded more than 200 people of nearly $157,000.
The authorities of the city of Springfield, Massachusetts in the USA even issued a warning about the increase in cases of crypto ATM fraud.
There are many different variations of the scam, but one of them directs the person to a cryptocurrency terminal to enter data and send money to the scammer. If you receive a call demanding payment in cryptocurrency or bitcoin, please hang up, the city council said in a statement.
According to cybersecurity experts PeckShield, investors will lose $2024 billion in crypto scams in 3.
