HomeFake news or factScam AlertTitanium Blockchain’s CEO Found Guilty Of Looting $21million In Crypto Fraud Scheme 

Titanium Blockchain’s CEO Found Guilty Of Looting $21million In Crypto Fraud Scheme 

The CEO of Titanium Blockchain robbed $21 million through a cryptocurrency fraud scheme. As per the press release issued by the Department of Justice (DOJ), the culprit Michael Alan Stollery lured crypto investors to buy BARS, TBIS (Titanium Blockchain Infrastructure Services) token service by cooking false stories. He didn’t even register the coin offering, a crucial legal prerequisite for every crypto or blockchain firm.   

If we go as per reports, Stollery raised almost $21million in bitcoin and Ether and acquired some cash through investors nestled around 18 states. The officials at US securities revealed that the CEO pleaded guilty to his crime. Besides operating an unregistered ICO, he confessed to paying his personal credit card bills using investor funds for a Hawaii condominium.   

It won’t be wrong to say that the entire blockchain website is a hoax. The scammer created a fake whitepaper of his company. A whitepaper is a legal document that offers an insight into investment plans, details of token offerings and the objective of that website to inform investors.   

To set bait on potential investors, Stollery posted client testimonials which were all fake. He also claimed good ties with some reputable crypto firms, notably with the Federal Reserve. Upon proving his crime, the CEO might be imprisoned for 20 years; he will be sentenced on 18th November 2022.  

To some extent, the rising incidents of forgery and scams in crypto negatively impact this ever-growing platform. Another similar forgery made headlines when Coinbase’s former product manager was convicted for insider trading. Federal regulators are on the watch out for scams in the crypto space and taking strict action against the culprits.  

Looking at the increase in crypto fraud cases, we suggest you be extra cautious when investing your hard-earned money in any scheme. Do proper research and never believe those websites that claim 100% return on your cryptocurrency. Stay alert! 

Sudeshna
Sudeshnahttps://thecryptonian.one/
As a passionate content writer, she is always eager to explore new topics. Through her blogs on cryptocurrencies, blockchain technology and non-fungible tokens (NFTs), she intends to help newbies gain a better understanding of the crypto world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Bitcoin Price To Soar In Regulated Market: CFTC Chairman 

Bitcoin price is currently under the scanner of several speculative theories. With the changing cryptocurrency market situation, financial watchdogs come up with alluring and negative...

Best in Crypto Launches the Most Valuable and Comprehensive Industry Directory

Chicago, Oct. 1, 2022 – Best in Crypto enables crypto enthusiasts, investors, and entrepreneurs to explore and learn about beneficial crypto products and services. This...

US Lawmakers Prepare To Include Bitcoin In 401k Retirement Plans 

US lawmakers currently agreed to introduce crypto assets in the 401k retirement plan. The decision brought applause from the crypto community. Few opine that the...

Shemaroo Entertainment Will Now Offer Metaverse Cinema Experience 

Shemaroo Entertainment took the film fraternity and movie lovers by the awe with their announcement to open a metaverse theater in Decentraland. The company had...

Stay Connected

1,021FansLike
302FollowersFollow
- Advertisement -

Similar articles

- Advertisement -
spot_img