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Florida Man Admits to US $55 Million Blockchain Investment Fraud Scheme

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It is reported that a Florida man admitted on Friday that he had planned a blockchain investment fraud scheme involving US $55 million. According to a press re…

Florida Man Admits to US $55 Million Blockchain Investment Fraud Scheme

It is reported that a Florida man admitted on Friday that he had planned a blockchain investment fraud scheme involving US $55 million. According to a press release from the United States Department of Justice, Michael Glaspie, 72, admitted a charge of telecommunications fraud. He had previously tricked more than 10000 people into investing in a blockchain company called CoinDeal, claiming that investors would benefit from the acquisition involving ViRSE.

A Florida man admitted to planning a blockchain investment fraud scheme involving $55 million

Interpretation of the news:


The United States Department of Justice has reported that a Florida man has admitted to planning a blockchain investment fraud scheme that involved USD $55 million. Michael Glaspie, a 72-year old man, has pleaded guilty to the charge of telecommunications fraud. The charge comes after he successfully tricked over 10,000 people into investing in a blockchain company called CoinDeal.

Glaspie had claimed that investors would benefit from the acquisition of ViRSE, which led to many people investing in the company. However, it was later found that Glaspie had made false claims and that ViRSE was not planning to acquire CoinDeal. This led to many investors losing their funds.

The case of Michael Glaspie is just one example of the dangers of investment fraud schemes in the blockchain industry. As the use of blockchain technology in various industries grows, so do the investment opportunities. However, this also provides an opportunity for fraudsters to take advantage of unsuspecting investors.

There have been several cases of blockchain investment fraud schemes in recent years. In December 2020, the US Securities and Exchange Commission charged Ripple Labs with conducting an unregistered securities offering worth over USD $1.3 billion. Similarly, in January 2020, the Australian Securities and Investments Commission shut down a cryptocurrency investment scheme after discovering that the company had made false claims about its returns.

The increased incidence of blockchain investment fraud schemes highlights the need for vigilance when investing in blockchain companies. Investors should always research the companies they plan to invest in and look out for claims that seem too good to be true. They should also be wary of promises of high returns with little to no risk.

In conclusion, the case of Michael Glaspie, who admitted to planning a USD $55 million blockchain investment fraud scheme, is a reminder of the potential dangers of investing in the blockchain industry. Investors should exercise caution and do their due diligence before making any investments in blockchain companies.

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