Travis Ford, a co-founder of Wolf Capital and a crypto trader, pleaded guilty to wire fraud and receiving money by luring investors with false promises of higher returns. The accused raised more than $9 million during his fraudulent days. According to the records published by the Department of Justice (DOJ), Travis Ford tricked around 2,800 investors who invested almost $9.4 million between January and August 2023. The DOJ further said that Travis Ford, who came out as a sophisticated investor, lied to his victims that he could help generate “1-2%” daily returns, which average 547% annually. Travis Ford used social media and other online platforms to lure and con his victims The Department of Justice highlighted that the accused targeted investors through his firms, the Wolf Capital website, social media platforms, and several online promotion sites. However, when investors submitted the funds as investments, Travis Ford diverted them for his personal gains. The funds were never allocated as intended but were funneled into Ford’s private accounts and those of his accomplices. Ford misused and redirected investor funds to benefit himself and his co-conspirators, causing significant financial losses to the investors. In a public statement, the DOJ noted that Ford admitted it was impossible to deliver the high returns he had promised. The court has not scheduled a sentencing date for Wolf’s co-founder. Ford’s charges of one count of conspiracy to commit wire fraud and his plea could land him a maximum penalty of five years. Several countries are actively weeding out crypto scams Ford’s case follows a wider crackdown on crypto fraudsters in different locations globally. On January 5, four crypto fraudsters were apprehended by Vietnamese authorities for engaging in a crypto mining scam that led to more than 200 people losing 4 billion Vietnamese dongs ($157,300). At the same time, authorities in Springfield, Massachusetts, in the US, alerted the public about an increase in Bitcoin and blockchain-related frauds. The advisory stated that crypto ATM scams were on the rise but acknowledged that the fraudsters are using several techniques. Part of the statement read : “The scams have many different variations, but one in particular directs a person to a cryptocurrency machine to insert and send money to the scammer. If you receive a phone call with someone demanding a payment in cryptocurrency or bitcoin, please hang up.” On January 9, PeckShield security firm released a report outlining how $3 billion was lost to crypto criminals in 2024. From Zero to Web3 Pro: Your 90-Day Career Launch Plan
