BlockBeats reported on July 18 that former football player Shane Donovan Moore was sentenced to two and a half years in U.S. federal prison for defrauding over 40 investors of more than $900,000 in a cryptocurrency mining Ponzi scheme.
According to an announcement from the U.S. Department of Justice, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Through this company, he is accused of defrauding over 40 investors, with a total amount exceeding $900,000.
While promoting the scheme, Moore claimed that the funds raised would be used to purchase cryptocurrency mining equipment and promised investors a daily return of 1%.
U.S. Acting Federal Prosecutor Teal Luthy Miller stated, 'Mr. Moore exploited the novelty of cryptocurrency to carry out an age-old fraudulent scheme— a Ponzi scheme.'
