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Comprehensive cryptocurrency regulations have not yet been implemented, but US institutions continue to work on it. There is no need for new laws to punish some crimes, and fraud is one of them. This was recently announced by the US Department of Justice.
US Crypto Arrest
The US Department of Justice recently announced the arrest of a father and son who defrauded people using cryptocurrencies and made profits of over $10 million. It was determined that Hugh and Brandon Austin caused more than $10 million in damages to over 20 victims. The criminals defrauded individuals who wanted to invest by offering various fraudulent investment services related to cryptocurrency. They lured their victims with attractive offers in areas such as crypto lending, token investment, and many more.
US Attorney Damian Williams said the following:
“This is the third case we have announced this week to shed light on fraud in the crypto and digital asset ecosystem. Allegedly, the father-son duo of Hugh and Brandon Austin defrauded both sophisticated and novice crypto investors out of significant amounts of money. They used the money they took from their victims to finance a luxurious lifestyle consisting of travel, luxury hotels, and upscale restaurants. Thanks to the determination of our office’s prosecutors, Hugh Austin is now facing serious criminal charges for the alleged crimes, and Brandon Austin has already admitted guilt.”
Ivan J. Arvelo, Special Agent in Charge of HSI, said the following:
“The indictment of Hugh and Brandon Austin reflects our ongoing commitment to prevent all types of financial crimes, especially those involving the digital realm that later impact the security of our economy. Allegedly, these sophisticated fraudsters took advantage of the new/lesser-known nature of digital currency to defraud unsuspecting investors out of millions of dollars and used it as a cover for illegal activities. HSI commends the prosecution team at the Southern District of New York’s Complex Frauds and Cybercrime Unit for their unwavering support.”
Crypto Crimes
All crimes committed on the internet today are subject to criminal proceedings under existing laws. For example, Thodex’s founder is facing thousands of years in prison, and engaging in cryptocurrency-related activities will not exempt him from punishment. While the privacy aspect of crypto may attract fraudsters, the traceability of on-chain transactions helps ensure that justice is served, albeit with some delay.
As the father and son face trial with potential prison sentences of 60 and 20 years respectively, this latest case should serve as a deterrent to other fraudsters. The development of on-chain tracking tools will continue to assist in the elucidation of many past and present crimes in the future.
