Man Don Confess Guilty for $13M Crypto Ponzi Wit Fake AI Bots
Vincent Anthony Mazzotta Jr don admit say e guilty for money laundering and conspiracy to block justice for one $13 million crypto Ponzi scheme. From December 2017 to July 2023, him and him people dey run fake platforms Mind Capital and Cloud9Capital wey dey promise big returns from AI trading bots. The scheme collapse when both website disappear, investors no fit access their money again. Mazzotta wash victim money through crypto mixers to pay for private jets, luxury hotels, and security. E also create fake ‘Federal Crypto Reserve’ to collect recovery fees. Court papers show say e destroy devices and fake documents to block investigation. Mazzotta fit face 15 years jail time; sentencing still dey. Co-defendant David Saffron say e no guilty, but associate David Kagel get probation and must pay back $13.9 million. This case show how DOJ dey serious with crypto fraud and the danger of unverified AI trading schemes.
Bearish
News say Mazzotta dem convict and how hin $13 million crypto Ponzi scheme collapse go likely make pipo no trust unverified AI trading platforms again. For short term, traders fit reduce how dem dey expose to similar products, weh go make dem dey fear risk and put pressure for price. For long term, if DOJ enforce better, e fit make market pure by commot fraud, but constant government watch fit still stop make people wan dey speculate on AI-powered crypto investments.