Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Australian and Los Angeles resident charged with $25 million AI cryptocurrency trading Ponzi scheme
ADOPTION NEWS

Australian and Los Angeles resident charged with $25 million AI cryptocurrency trading Ponzi scheme

By Crypto FlexsDecember 13, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Australian and Los Angeles resident charged with  million AI cryptocurrency trading Ponzi scheme
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Department of Justice has arrested Australian national David Gilbert Saffron and Los Angeles resident Vincent Anthony Mazzotta Jr. on charges of masterminding a $25 million Ponzi scheme using AI cryptocurrency trading. Indicted. The case highlights growing concerns about fraudulent activity in the fast-growing cryptocurrency and AI technology sectors.

Plan Operation Details

The indictment alleges that Saffron and Mazzotta conspired to defraud investors through various trading programs that falsely promised high returns using AI automated trading bots for the cryptocurrency markets. Operating under various names including Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital, and Cloud9Capital, the duo defrauded investors and diverted their funds for excessive personal expenses such as private jets, luxury hotels, and private security guards.

Create a virtual entity

To further their fraud, Saffron and Mazzotta created a fictitious entity called the Federal Crypto Reserve. They lured victims into investing in their schemes and then demanded additional funds in the name of investigating and recovering victims’ losses. Using aliases and online personas such as Blue Wizard and Bitcoin Yoda, Saffron obscured his identity during these solicitations.

Obstruction and money laundering charges

Both men were charged with conspiring to obstruct justice, including concealing assets, destroying evidence and falsifying records. They reportedly used methods such as ‘blockchain hopping’, ‘mixers’ or ‘tumblers’ to prevent the tracking of embezzled cryptocurrencies. The charges against them include wire fraud, money laundering and obstruction of justice, and if convicted they could face up to 20 years in prison on the main charge.

Notably, Saffron has previously been indicted by the Commodity Futures Trading Commission, indicating a history of legal trouble related to his financial activities.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Hong Kong monetary authorities surprise the public about fake accounts.

June 2, 2025

WES Cockx uses Redshift to explore bold 3D art in the render network.

June 2, 2025

Actual assets thrive in BNB chains as the ecosystem increases.

June 2, 2025
Add A Comment

Comments are closed.

Recent Posts

TEZOS unveils uranium token shoes in consensus 2025.

June 2, 2025

Hong Kong monetary authorities surprise the public about fake accounts.

June 2, 2025

TRON: Inversion in the future? -TRX trader will have to see the following next time.

June 2, 2025

Rooster Run Slot is an obstacle course with the theme of poultry during the crash!

June 2, 2025

WES Cockx uses Redshift to explore bold 3D art in the render network.

June 2, 2025

Traders change their strategies in tariff confusion

June 2, 2025

How smart EOA finances your wallet experience

June 2, 2025

Actual assets thrive in BNB chains as the ecosystem increases.

June 2, 2025

Bitcoin is rebounded to more than $ 104,300 as tariff chaos causes almost $ 1B of liquidation.

June 2, 2025

The government holds bitcoin for strategic financial diversification

June 2, 2025

Cardano (ADA) will be capped under the resistance -will buyers regain control?

June 2, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

TEZOS unveils uranium token shoes in consensus 2025.

June 2, 2025

Hong Kong monetary authorities surprise the public about fake accounts.

June 2, 2025

TRON: Inversion in the future? -TRX trader will have to see the following next time.

June 2, 2025
Most Popular

GainsPad has finally launched, ushering in a new era in Web3 financing.

May 19, 2024

Emerge 2023 Project of the Year: OpenAI ChatGPT 3.5

December 14, 2023

Why playing on offshore XRP betting sites is a bad idea

April 5, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.