Key Takeaways:
- Austin Michael Taylor, 40, of Miami, pleaded guilty to wire fraud for stealing over $1 million from investors in his cryptocurrency project, CluCoin.
- Taylor diverted investor funds intended for CluCoin into his personal crypto wallets, spending $1.14 million on online gambling.
- He faces up to 20 years in prison and has agreed to forfeit the stolen funds for victim restitution, with sentencing set for October 31, 2024.
Austin Michael Taylor, 40, of Miami, Florida, has pleaded guilty to wire fraud after admitting to stealing over $1 million from investors in his cryptocurrency project, CluCoin.
Launched in 2021, CluCoin was initially promoted as a charitable initiative, but after its value and trading volume declined, Taylor diverted investor funds into his personal crypto wallets and used them for online gambling.
This is Austin Michael Taylor
— Cryptopolitan (@CPOfficialtx) August 22, 2024
He stole $1.14 million from investors and blew it all on online gambling
This is the untold story of the CluCoin founder🧵 pic.twitter.com/0gQVLujxPW
Despite making various promises to investors, including developing a metaverse-based game, Taylor secretly battled a gambling addiction and transferred $1.14 million to online casinos.
In January 2023, he confessed to misusing the funds and handed over control of CluCoin to his associates.
JUST IN: MIAMI-BASED CRYPTO PROJECT CLUCOIN FOUNDER PLEADS GUILTY TO STEALING $1.1M FROM INVESTORS
— BSCN Headlines (@BSCNheadlines) August 22, 2024
Taylor faces up to 20 years in prison and is scheduled for sentencing on October 31, 2024, after agreeing to forfeit the stolen amount for victim restitution.
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