Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-03-08 20:31:15

DOJ Charges Siblings With Alleged $124M Crypto Fraud “Ormeus Coin”

The Department of Justice (DOJ) on Tuesday charged John and Tina Barksdale, two Texas residents, for securities fraud, wire fraud, and conspiracy to commit both. The two siblings are accused of operating a crypto fraud known as “Ormeus Coin.” The Barksdales lied about Ormeus Coin obtaining a $250 million mining operation and collecting more than $5 million in revenue each month, according to the DOJ. The currency, on the other hand, has never reached that level of value per the release. The U.S. Attorney for the Southern District of New York, Damian Williams, said in a statement that John Barksdale ran a fraud to sell Ormeus Coin to investors around the globe through a web of lies that he spread through in-person roadshows, social media and even a jumbotron in Times Square. The allegations stem from a period beginning in June 2017 and culminating in January 2018, when Ormeus Coin’s market capitalization reached approximately $52 million. According to the SEC’s release, Barksdales dishonestly obtained more than $124 million through the alleged fraudulent Ormeus Coin cryptocurrency scheme. The Barksdales face a maximum term of 20 years in prison for each count of securities fraud, wire fraud, and conspiracy to commit crypto fraud. Rise In Protocol Exploits And Crypto Fraud In 2022 Hacks, rug-pulls, and security breaches are all frequent in the digital assets world. According to decentralized finance security platform and bug bou...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.