crypto frauds

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Fake Crypto Fund Operator Pleads Guilty to Defrauding Investors

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Michael Joseph McElhiney, age 37 and formerly of Spokane, Washington, has pleaded guilty to wire fraud, the U.S. Department of Justice (DOJ) announced on Wednesday. Between March 4, 2021, and Sept. 10, 2022, McElhiney defrauded investors by falsely claiming to operate a cryptocurrency investment fund called Mac Blockchain Solutions. He contacted victims in person, via … Read more

SEC Chair Gary Gensler Insists Crypto Field Is ‘Rife With Abuses and Fraud’

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds (ETFs) that these products are based on a “highly speculative volatile underlying asset: bitcoin.” … Read more