CluCoin founder pleads guilty to wire fraud promoting CLU tokens, illegally transferring $1.14 million in investor funds
2024-08-22 00:59:09
On August 22nd, Austin Michael Taylor, the founder of cryptocurrency project CluCoin, pleaded guilty to wire fraud on August 15th. Taylor used his huge social media presence to promote the digital token called "CLU" and successfully launched CluCoin's initial coin offering (ICO) on May 19, 2021. However, court records show that Taylor transferred about $1.14 million of investor funds into his personal account between May and December 2022 and squandered it in multiple online casinos. Taylor has organized an event called "NFTCon: Intothe Metaverse" to drive interest and investment in CLU, CluCoin and related projects. Taylor's sentencing hearing is scheduled for 10 a.m. on October 31, and he faces a mandatory sentence of up to 20 years in prison.
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