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Crypto

Pinellas Park Man Charged in Cryptocurrency Scheme

John Darbie
Last updated: 20.06.2024 6:07 pm
By John Darbie
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Pinellas Park Man Charged in Cryptocurrency Scheme | FinOracle
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Pinellas Park Man and Alabama Man Charged in $300,000 Cryptocurrency Scheme

Pinellas Park, Florida – A Pinellas Park man and an Alabama man have been charged by the U.S. Department of Justice in connection with a cryptocurrency scheme that netted the duo over $300,000. Devin Alan Rhoden, 24, from Pinellas Park, and Berman Jerry Nowlin, Jr., 20, from Huntsville, Alabama, are accused of fraudulently receiving funds from investors around the world through their elaborate scam. The pair allegedly utilized blockchain technology to transfer the cryptocurrency from one platform to another, making it harder to trace the funds.

Contents
Pinellas Park Man and Alabama Man Charged in $300,000 Cryptocurrency SchemeAnalyst comment

Rhoden, known by aliases “Denny” and “Deviinz,” and Nowlin, also known as “Repulse” and “Zayous,” are facing charges in the alleged scheme. They are accused of conspiring to create and promote a non-fungible token collection (NFT) called “Undead Tombstone” with the intention of abandoning their obligations to investors. The duo reportedly utilized social media to market the NFT, making misleading claims about its value and potential returns. During the course of their operation from March to May 2022, they minted 632 NFTs, resulting in approximately $135,000 in cryptocurrency finding its way into their digital wallets.

However, before meeting their obligations to investors, Rhoden and Nowlin abruptly abandoned the project, executing what prosecutors have dubbed a “rug pull.” In an attempt to further obfuscate the trail of funds, the duo transferred the cryptocurrency to a different blockchain. Subsequently, they converted the virtual currency into U.S. dollars and funneled the proceeds into their respective bank accounts.

Both Rhoden and Nowlin have been charged with conspiracy to commit wire fraud and money laundering. If convicted, they could face up to five years in prison and would be required to forfeit the illicit proceeds. This case highlights the risks associated with cryptocurrency investments and the importance of due diligence when engaging in such transactions.

Disclaimer: The information provided in this article is based on the official statement released by the U.S. Department of Justice and other reliable sources. Any accusations mentioned are merely alleged until proven guilty in a court of law.

Analyst comment

Negative news. As an analyst, the market may experience decreased investor confidence in cryptocurrency schemes due to fraudulent activity, which could lead to increased scrutiny and regulations in the industry.

TAGGED:AIAlabamaALSARArtBankBank accountBlockchainCamCatCESConfidenceCourtCryptoCryptocurrencyCurrencyDigital walletDiliDollarDue diligenceExperienceFloridaFraudFunFurHuntsville, AlabamaIceImportInformaInformationInvestmentInvestorIonJusticeLawLeaseLentLightMarketMoneyMoney launderingNon-fungible tokenObligationOreOvidPinellas Park, FloridaPortPotentialProjectProsecutorRatioRegulationRespectRiskScamSECSocial MediaTechnoTechnologyUSUSAVirtual currencyXperi
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ByJohn Darbie
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John Darbie is a seasoned cryptocurrency analyst and writer with over 10 years of experience in the blockchain and digital assets industry. A graduate of MIT with a degree in Computer Science and Engineering, John specializes in blockchain technology, cryptocurrency markets, and decentralized finance (DeFi). His insights have been featured in leading publications such as CoinDesk, CryptoSlate, and Bitcoin Magazine. John’s articles are renowned for their thorough research, clear explanations, and practical insights, making them a reliable source of information for readers interested in cryptocurrency. He actively follows industry trends and developments, regularly participating in blockchain conferences and webinars. With a strong reputation for expertise, authoritativeness, and trustworthiness, John Darbie continues to provide high-quality content that helps individuals and businesses navigate the evolving world of digital assets.

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