The founder of crypto startup Amalgam has been charged with defrauding millions of dollars

US prosecutors have charged Jeremy Jordan-Jones, the "founder" of crypto start-up Amalgam, with fraud, saying he "operated a fake blockchain" that defrauded investors of more than $1 million and "used it to live a lavish lifestyle".
He "falsely advertised multimillion-dollar partnerships with the Golden State Warriors, a Premier League team and a restaurant group with more than 500 restaurants" that "did not exist", prosecutors said. He also "falsely claimed to have raised funds to promote the launch of Amalgam's non-existent crypto token exchange".
Jordan-Jones was charged with one count of wire fraud, one count of securities fraud, one count of making false statements to the Financial Institution Group and one count of aggravated identity theft, which carries a total sentence of up to 82 years in prison.