Fake Government Agency Used to Run $13M Crypto Ponzi Scheme

Summary: What was the fake government agency used in the crypto fraud scheme? Mazzotta and his co-defendant created a fake agency called the Federal Crypto Reserve (FCR). They used it to convince victims to pay more money under the false promise of investigating the very companies that had taken their investments. This tactic helped them continue the scam and defraud victims of over $13 million. Vincent Anthony Mazzotta, who also used the alias “Vincent Midnight,” has admitted to laundering money and conspiring to obstruct justice in connection with a multimillion-dollar investment fraud scheme targeting crypto investors source: https://news.shib.io/2025/07/29/fake-government-agency-used-to-run-13m-crypto-ponzi-scheme/