A crypto fraudster known as Asa Saint Clair risks being sentenced to at most 20 years jail term for defrauding some individuals in the United States. According to a media release by the US Justice Department, the man posed as an affiliate of the United Nations and used a crypto platform to scam the victims.
Saint Clair used a crypto investment scheme called World Sports Alliance (WSA), offering a digital coin named IGObit to defraud nothing less than 60 persons who became victims of the fraudulent initiative.
Saint Clair had claimed to have affiliations with the United Nations, however, the evidence presented by Homeland Security Investigations showed that his claims were false and he had never sponsored nor been a part of any international development project. A statement in the media release reads, “Saint Clair touted the WSA as working closely with the UN to promote the values of sports and peace for a better world, while in reality promoting only the balance of his bank accounts.”
He had promised the investors that they would receive returns on their share of investments, but he used the proceeds for his personal pleasures. Evidence showed that he had used some of the profits to host a dinner, settled his personal bills, and also shop online.
The New York Southern District Attorney found him guilty of the charges as shown in the evidence after a week-long trial. “The defendant was charged and convicted in one count with committing wire fraud, in violation of Title 18, United States Code, Section 1343.” His sentence carries a maximum of 20 years and which will be effected before a judge on the 19th of July.
Cryptocurrency Schemes, Cyber Crimes and Government Aids
The vulnerability of crypto to cyber crimes and fraudulent activities is a raging factor, and it has become imperative for holders of digital assets to guard against the fraudulent schemes of many bad actors in the space.
While cybercrimes and frauds are on the rampage, government institutions are also working hard to build technologies that detect illicit transactions and also ensure that the proponents of these criminal acts are brought to book.
In a recently published report by CryptoMarketsBeat, Facebook, now Meta is being sued by the Australian Competition and Consumer Commission (ACCC). The company failed to disable some misleading ads that redirect users to a fraudulent link on its platform making investors lose money.
This is an example of how government institutions have been on their toes to ensure investors in the crypto ecosystem have some level of protection.