A Tennessee man has been charged with 11 counts by the US Department of Justice for operating a cryptocurrency Ponzi scheme

According to Decrypt, the US Department of Justice announced that a Tennessee man has been charged with 11 counts by federal authorities for operating a cryptocurrency Ponzi scheme through Star Credit Holdings between 2020 and 2024. The man lured investors with false promises of guaranteed returns, used funds from new investors to pay old investors, defrauded investors of millions of dollars, and diverted over 1.9 million dollars to himself and his family. The man is accused of telecommunications fraud, money laundering, and submitting false tax returns. If convicted, he will face decades in federal prison.