• A Nevada man, Bryan Lee, is facing criminal charges for his alleged role in a CoinDeal investment scam that defrauded 10,000 investors out of $45 million.
• The US Department of Justice (DOJ) alleges Lee misled customers to invest in companies controlled by CoinDeal leader Neil Chandran and misappropriated millions of dollars of investor funds.
• If convicted on all charges, Lee could face up to 110 years in prison as crypto scams continue to increase with the growth of the cryptocurrency market.

Nevada Man Charged for Role in CoinDeal Scam

The US Department of Justice (DOJ) has charged a Nevada man for his role in the multi-million-dollar CoinDeal investment scheme. Bryan Lee is accused of conspiring with CoinDeal leader Neil Chandran to defraud 10,000 investors out of $45 million.

Allegations Against Lee

The DOJ alleges that Lee misled customers to invest in companies controlled by Chandran by claiming that they were about to be acquired by buyers with deep pockets. Furthermore, he was allegedly the nominee owner and director of ViMarket which claimed to be developing VR and “metaverse” technologies and an associated cryptocurrency. He is charged with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions in the criminally derived property.

Potential Consequences

If convicted on all charges, Lee could face up to 110 years in prison. Notably, he has not yet been found guilty and will make his first appearance in court immediately. In addition to this case brought forth by the DOJ, the Securities and Exchange Commission (SEC) also charged five individuals and three companies tied to CoinDeal earlier this year.

Scams on The Rise

Crypto scams have become increasingly common as the cryptocurrency market continues its growth trajectory. Just recently it was revealed that a scam-as-a-service company siphoned off approximately $6 million worth of crypto assets from users since the start of this year alone. Similarly, between August 2022 and May 2021 scammers made around 3234 ETH ($6M USD) from fake airdrops according to reports last year showed that hacks accounted for 59% ($4B USD) out total losses within that period due largely to rug pulls scams targeting unsuspecting victims’ digital assets .

Conclusion

Crypto scams are becoming increasingly commonplace as the industry moves forward making it even more important for investors exercise vigilance when investing or participating cryptocurrency related activities online or offline..