Former rugby participant sentenced for $900K crypto mining Ponzi

Discover the most recent tendencies within the Altcoin area. This article dives into: “Former rugby player sentenced for $900K crypto mining Ponzi”.

Former rugby participant Shane Donovan Moore was sentenced to two-and-a-half years in a US federal jail for defrauding greater than 40 buyers out of $900,000 in 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 corporate, he reportedly defrauded over 40 buyers out of greater than $900,000.

While selling the scheme, Moore claimed that the funds raised could be spent on cryptocurrency mining {hardware}. He promised buyers every day returns of 1%.

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

Related: Pig butchering scams stole $5.5B from crypto buyers in 2024 — Cyvers

The finish of a protracted battle

US Justice Department officers charged Moore with fraud way back to March 2024. Authorities stated he leveraged connections “from his rugby activities” to search out buyers.

Instead of buying mining {hardware}, Moore reportedly used investor cash to fund a lavish life-style. He bought luxurious residences, designer baggage, and electronics, utilizing new investor funds to repay earlier ones, typical in Ponzi schemes.

US District Judge Tana Lin in Seattle stated that he “caused emotional and psychological damage to the victims” along with monetary losses.

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

The newest crypto Ponzi scheme of many

Moore’s case is way from the one one by which crypto was leveraged to lure victims right into a rip-off or a Ponzi scheme. In mid-February, a US regulator charged a Las Vegas man with allegedly defrauding over 400 buyers out of $24 million by way of a deceptive AI-driven crypto mining funding that was a disguised Ponzi scheme.

Incidents and losses in 2024 by month. Source: CertiK

In late January, Antonia Perez Hernandez, a promoter of the forcount crypto Ponzi scheme who pleaded responsible to conspiracy to commit wire fraud, was sentenced to greater than two years in jail.

In late 2024, an 86-year-old former California lawyer was sentenced to 5 years’ probation and ordered to pay virtually $14 million after admitting to finishing up a multimillion-dollar crypto Ponzi scheme.

Magazine: Outrage as $1.8B ‘DGCX’ crypto rip-off ringleader mocks victims: Asia Express

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