According to reports by Wu, the U.S. Department of Justice has charged Jeremy Jordan-Jones, the founder of "Amalgam Blockchain," with telecommunications and securities fraud through false collaborations and token schemes, involving more than $1 million. Jordan-Jones is accused of falsely claiming that Amalgam had partnerships with well-known sports leagues and payment platforms, using this misinformation to defraud investors and fund his lavish lifestyle. He also forged financial statements and promised funds for token launches and technology expenditures, while actually misappropriating the funds.