hardFederal2023criminal
United States v. Anonymous Defendant (Cryptocurrency Fraud)
Defendant accused of operating fraudulent cryptocurrency investment scheme (rug pull). Investors lost $2.3 million when defendant disappeared with funds.
Charges
- •Wire Fraud (18 USC § 1343)
- •Securities Fraud (15 USC § 78j)
- •Money Laundering (18 USC § 1956)
Case Facts
Review the established facts of this case
- 1Defendant launched cryptocurrency token 'SafeMoon2.0' in March 2023
- 2Promoted token on social media with promises of high returns
- 3Claimed token had utility in upcoming metaverse platform
- 4Collected $2.3 million from 847 investors over 3 months
- 5Defendant controlled 60% of token supply through hidden wallets
- 6On June 15, 2023, defendant sold all holdings, crashing token value by 98%
- 7Defendant transferred funds through multiple crypto exchanges
- 8Eventually converted $1.8 million to cash and wire transfers
- 9Defendant deleted social media accounts and website after crash
- 10Blockchain analysis traced funds to defendant's bank accounts
- 11Defendant claims project failed due to market conditions, not fraud
- 12No actual metaverse platform was ever developed
- 13Whitepaper contained false claims about team credentials
Your Verdict
Based on the evidence and applicable law, what is your verdict?