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Las Vegas man convicted in $24M AI crypto mining ponzi scheme
Prosecutors said the scheme involved claims that investors money was insured by the FDIC, according to Decrypt.
A Las Vegas man, Brent Kovar, was convicted in a case involving a $24 million AI crypto mining ponzi scheme, according to Decrypt.
Prosecutors said Kovar told at least 400 investors that a supercomputer was mining cryptocurrency for them using their money.
Decrypt reports that the investor pitches also included claims that the investors funds were insured by the FDIC.
The outlet said the conviction followed the fraudulent promotion of the crypto mining concept to raise money from investors.
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