Jack Abramoff involved in $5.6 Million Bitcoin Scam
They say that once a wrong doer, always a wrong doer but prison is supposed to reform a person, right? This wasn’t the case for Jack Abramoff who was previously charged against one of the biggest scams ever in Washington who was recently involved once again for another huge Bitcoin scam. 10 years ago, the 65-year-old Ambramoff pleaded guilty for a lobbying scandal which is the same thing he is pleading guilty for right now. In fact, a rule had to be amended on the basis of his involvement the first time related to lobbying which he has violated yet again. The crime this time was to get money from unsuspecting investors for a Cryptocurrency dubbed AML Bitcoin by falsely advertising benefits that it would provide.
As per the report by the US Department of Justice (DOJ), investors were told that this cryptocurrency was heralded by Abramoff and his partner Marcus Andrade as being able to solve challenges of money laundering and anonymity but in the end turned out to be another Bitcoin related scam. Although this was a collaborated effort between the two, it was Andrade who was doing the dealings in the front knowing full well the consequences and Abramoff was aiding him from behind the scenes. According to reports, both members were fully aware of the false claims. Initially looking to gain up to $100 million for this project, they managed to get away with $5.6 million in USD before getting nabbed by the authorities. The funds collected from the investors were obviously for personal use as reports mentioned that the same investors were shocked at this revelation. As for Abramoff, the ex-convict will be facing another 5 years in Prison for his actions. Maybe this time, he will learn from it.
So, what do you think of this news? Are there anymore scam stories you want to relay? Is $5.6 million a big amount compared to the rest of the Crypto world? How can we stop future scams from happening? Please share with us your opinions and we will be sure to feature you on our platform.