A brother-and-sister duo have been charged with defrauding thousands of crypto investors out of $124 million 🚨 Their project was advertised on billboards in Times Square 😬
In other developments, John Barksdale has been arrested abroad and charged with cryptocurrency securities fraud — with U.S. prosecutors claiming he encouraged investors to buy ORME tokens through a "web of lies." Ricky J. Patel from Homeland Security Investigations added:
According to the U.S. Justice Department, Ormeus Coin was also advertised in Times Square, where false claims about the size of the project were repeated. Established in the middle of the boom in initial coin offerings in 2017, Ormeus Coin's market capitalization reached an all-time high of $52 million in January 2018. Many crypto projects released around that time ended up peaking in the same month, just before a dramatic crash.