CluCoin Founder Admits to Fraud, FBI to Use NFTs for Victim Compensation

According to Foresight News, the U.S. Attorney's Office in Florida has announced that CluCoin founder Austin Michael Taylor pleaded guilty to wire fraud on August 15. Taylor admitted to using funds from investors intended for the CluCoin (CLU) project to finance his online gambling activities. This marks a significant development as the FBI plans to notify confirmed victims of the compensation scheme through NFTs, a first for law enforcement in using this technology to contact victims. The U.S. Attorney's Office has also urged anyone who believes they are a victim of the fraud scheme to provide relevant information to the FBI. Between May and December 2022, Taylor transferred a total of $1.14 million of investor funds to his accounts on various cryptocurrency exchanges before moving the money to online casinos.