Crypto scammer sentenced to 8 years for $40M Ponzi scheme involving fake crypto trading

From Cointelegraph

June 28, 2025 2:34:00 AM:

Dwayne Golden has been sentenced to nearly 8 years in prison for running a $40 million crypto Ponzi scheme. The scam promised guaranteed returns from crypto trading that never happened. Golden and his partners funneled funds to repay earlier investors or for personal gain. The companies collapsed, leaving victims with losses.

Golden operated the scam between April and August 2017, falsely marketing his firms as international crypto traders. After the collapse, Golden and his co-defendants tried to obstruct investigations by destroying evidence and providing false information. Golden was ordered to forfeit $2.46 million, while others await sentencing.

In a separate case, five men pleaded guilty to a $36.9 million crypto scam that defrauded Americans. The defendants targeted victims through social media, messaging apps, and dating platforms. In 2025, over $2.1 billion has been stolen in crypto-related incidents, with most losses due to wallet compromises and key mismanagement.

Read more at Cointelegraph: Crypto Scammer Gets 8 Years for $40M EmpowerCoin, ECoinPlus, Jet-Coin Fraud