Special Counsel in Crypto Fraud Case: ‘You Can Run But You Can’t Hide!’
It looks like scams in the world of cryptocurrency just got a whole lot more serious. The FBI has just arrested Matthew Piercey, the partner of former Trump advisor J.D. Gordon, over a $1 billion crypto fraud scheme.
The Alleged Scheme
Piercey is accused of running an incredibly complex fraud involving the theft of $60 million in two separate thefts, as well as scheming to embezzle an additional $930 million. Federal prosecutors allege that he used several fake companies to keep track of the stolen funds and conduct transactions between different digital currencies.
What Does This Mean for Crypto?
As serious as this crime is, it could actually be a good thing for the cryptocurrency industry as a whole. By showing that the authorities are taking these types of scams seriously, it could lead to more investor confidence in the burgeoning digital currency space.
What’s Next for Piercey?
Piercey appeared in federal court earlier this week where he was charged with wire fraud and money laundering. He could face up to 40 years in prison if convicted. In the meantime, he’s been ordered to remain in custody while the case proceeds.
Cryptocurrency may still be a fairly new phenomenon, but it appears the authorities are taking it seriously and aren’t afraid to take action when necessary. So, for any crypto fraudsters out there, take heed:
- You can run, but you can’t hide!
- Crime doesn’t pay, no matter how much Bitcoin you might have.
- If you think you can get away with it, think again!
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