As a researcher with a keen eye for detail and a deep understanding of the crypto world, I find myself deeply disheartened by the recent events surrounding Austin Michael Taylor, the founder of Miami-based CluCoin. It’s a stark reminder that behind every promising project lies a human, often susceptible to the same vices as any other individual.
The creator of CluCoin, a cryptocurrency venture based in Miami, admitted to swindling more than a million dollars from investors and using it for gambling on internet gaming platforms.
Last week, court records show that Austin Michael Taylor, a 40-year-old resident of Maryland who founded CluCoin, admitted to frequently moving funds intended for CluCoin ventures into his own cryptocurrency wallets. He then transferred these funds to various online crypto gambling platforms.
In the spring of 2021, Taylor established CluCoin. He promoted the venture to his substantial online audience, who recognized him as a streamer, as a means to support charities. Following CluCoin’s initial coin offering (ICO) in May, the trading volume and worth of the project dropped significantly, as stated in court records. Consequently, Taylor shifted CluCoin’s focus away from its original charity-centric mission.
Throughout 2022, while overseeing CluCoin and guaranteeing investors about its operations – such as the supposed creation of a metaverse game named “Xenia” – it was revealed that Taylor had been discreetly losing control to a gambling addiction, according to his lawyers. In sum, they claimed he transferred approximately $1.14 million from investor funds to various online casinos, including Stake.com.
In January 2023, Taylor openly confessed that he had been using investors’ money for online gambling and willingly handed over management of the project to his professional colleagues.
On August 15, he admitted to committing one charge of fraud involving wires. As a condition of his plea deal, Taylor consented to give up approximately $1.14 million that he obtained illegally to compensate the victims.
On October 31, at 10:00 a.m., Taylor is scheduled to receive sentencing from Judge Jacqueline Becerra of the Southern District of Florida. The maximum term he could be given is 20 years in prison.
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2024-08-22 22:35