Crypto Crash Tackle: Former Athlete Jailed in Shocking Ponzi Mining Plot

A former player in the semi -professional game of Seattle was sentenced to two and a half years in prison in the federal prison after being convicted of organizing a mining system in the encrypted currency.

Shin Donovan Moore, 37, was convicted of fraud, wires that included more than 40 investors across the United States, and deceive them to contribute more than $ 900,000 under wrong allegations.

Public prosecutor details and financial use

According to press release From the US Department of Justice, Moore has operated a company called Quantum Donovan LLC between January 2021 and October 2022. He claimed that he told investors that their money would be used to buy cryptocurrency mining equipment and promised them a daily return of 1 %.

However, such mining equipment has not been bought at all. Instead, Moore used the money invested for personal expenses and pay the first participants in the Classic Ponzi chart structure.

During the ruling pronunciation session, the American boycott judge, Tana Lynn, emphasized the psychological and emotional losses of Moore’s victims. Many of the individuals who met Moore through his contacts in the Rakhbi game in Washington, Oregon and Utah, Contecticut and New Jersey.

American lawyer Brian Wayne noticed in the court files that Moore used the investor’s money to finance personal living expenses, including luxury travel, clothes, electronics and apartments deposits.

The fraudulent process using money from new investors to send returns to previous returns, creates an illusion of mining mining works. To enhance the credibility of the chart, Moore sometimes sent an encrypted currency to some investors.

This, according to the general prosecutors, was supposed to convince them that the mining process was real. However, none of the money has ever been allocated to mining or infrastructure devices.

The Ministry of Justice highlighted that Moore’s actions led to great financial losses. While more than $ 900,000 was raised in total, the victims were left with a joint loss of more than $ 387,000.

The contradiction stems from Moore’s use of new investments to partially recover early funds, and to keep the deception within a period of 21 months.

Urging the Ministry of Justice and the Federal Investigation Office to be careful amid the dangers of fraud on encryption

The FBI investigated Moore’s activities, with the case trial by American lawyers, Brian Win and Kassi Konzati.

American lawyer Teal Luthy Miller indicated that Moore benefited from the popularity of cryptocurrencies arising to commit a familiar form of fraud. Miller said: “He used the modernity of the cryptocurrency to commit an ancient fraud-Bonzi plans,” Miller said.

The MORE judgment reflects a wider batch by the American authorities to suppress investment plans in the coordinated currency. According to the online crime report for the year 2023 of the Federal Investigation Office, the fraud related to encryption has increased in recent years, especially fraud that is highly returned through mining or mining.

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