MIAMI (WSVN) - A Miami-Dade County-based cryptocurrency founder pleaded guilty Wednesday to wire fraud in a scheme involving $1.14 million in investor funds, according to authorities.
Austin Michael Taylor, 40, known online as Twitch streamer DNPthree and founder of the cryptocurrency project CluCoin, operated CLU LLC out of Aventura and admitted to diverting the funds to his personal account, the U.S. Department of Justice said in a news release.
Taylor reportedly used his social media presence to promote a digital token called “CLU” and successfully launched CluCoin’s initial coin offering (ICO) on May 19, 2021. The ICO was marketed as having a charitable focus, attracting significant investments, according to investigators.
Court documents show that after organizing the “NFTCon: Into the Metaverse” event in Miami on April 4-5, 2022, Taylor accessed the cryptocurrency address where investor funds were held.
According to investigators, from May to December 2022, he transferred approximately $1.14 million to his personal account and used the money for gambling at online casinos.
Taylor’s sentencing is scheduled for Oct. 31. He faces up to 20 years in prison for the wire fraud conviction.
Investors who believe they were defrauded or received an NFT can visit the FBI’s CluCoinInvestors page for more information.
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