Dwayne Golden received a 97-month prison sentence for running a $40 million Ponzi scheme that falsely portrayed digital asset trading. He used money from new investors to pay returns to earlier investors, mirroring an old-fashioned Ponzi model wrapped in contemporary Web3 marketing.
During the scheme from 2017 to 2022, Golden and his co-defendants obstructed justice by lying to regulators and destroying evidence. They now face serious legal repercussions for their fraudulent acts, which exploited investor excitement in emerging technologies without delivering legitimate services.
Fraudulent activity in the U.S. Surged in 2024, with over $12.5 billion lost to scams, a 25% increase from the previous year. Investment scams contributed significantly to financial losses, spotlighting ongoing risks within the crypto landscape and the need for heightened vigilance among investors.
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