Former rugby player sentenced for $900K crypto mining Ponzi

Former rugby subordinate Shane Donovan Moore was sentenced to two-and-a-half years successful a US national situation for defrauding much than 40 investors retired of $900,000 successful a crypto mining Ponzi scheme.

According to a Thursday Department of Justice announcement, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Through the company, helium reportedly defrauded implicit 40 investors retired of much than $900,000.

While promoting the scheme, Moore claimed that the funds raised would beryllium spent connected cryptocurrency mining hardware. He promised investors regular returns of 1%.

“Mr. Moore utilized the newness of cryptocurrency to perpetrate an age-old fraud — a Ponzi scheme,” said Acting US Attorney Teal Luthy Miller.

Related: Pig butchering scams stole $5.5B from crypto investors successful 2024 — Cyvers

The extremity of a agelong battle

US Justice Department officials charged Moore with fraud arsenic acold backmost arsenic March 2024. Authorities said helium leveraged connections “from his rugby activities” to find investors.

Instead of acquiring mining hardware, Moore reportedly utilized capitalist wealth to money a lavish lifestyle. He purchased luxury apartments, decorator luggage, and electronics, utilizing caller capitalist funds to repay earlier ones, emblematic successful Ponzi schemes.

US District Judge Tana Lin successful Seattle said that helium “caused affectional and intelligence harm to the victims” successful summation to fiscal losses.

Related: CFTC accuses pastor of shilling $6M crypto Ponzi to congregants

The latest crypto Ponzi strategy of many

Moore’s lawsuit is acold from the lone 1 successful which crypto was leveraged to lure victims into a scam oregon a Ponzi scheme. In mid-February, a US regulator charged a Las Vegas antheral with allegedly defrauding implicit 400 investors retired of $24 million done a misleading AI-driven crypto mining concern that was a disguised Ponzi scheme.

Incidents and losses successful 2024 by month. Source: CertiK

In precocious January, Antonia Perez Hernandez, a promoter of the forcount crypto Ponzi strategy who pleaded blameworthy to conspiracy to perpetrate ligament fraud, was sentenced to much than 2 years successful prison.

In precocious 2024, an 86-year-old erstwhile California attorney was sentenced to five years’ probation and ordered to wage astir $14 cardinal aft admitting to carrying retired a multimillion-dollar crypto Ponzi scheme.

Magazine: Outrage arsenic $1.8B ‘DGCX’ crypto scam ringleader mocks victims: Asia Express