US DOJ Charges Block Bits Founder for $1M Crypto Investment Fraud

The United States Department of Justice (DOJ) has indicted 44-year-old Japheth Dillman, the founder of Block Bits Fund, for misleading investors into committing a total of $960,000 to a false arbitrage autotrader.
DOJ Indicts Block Bits Founder
Block Bits Fund was founded in 2017 during the ICO era. The company presented itself as a fund dedicated to cryptocurrencies, Initial Coin Offerings (ICOs), and blockchain technology. It promised investors high returns from the profit it supposedly generated by leveraging price discrepancies between digital currencies on different crypto exchanges.
According to the indictment, Dillman, alongside his partner David Mata, 42, allegedly misrepresented the level and capability of Block Bits by falsifying company records.
Prosecutors alleged that Dillman lied to investors in June 2017 that the autotrader was already in operation, generating substantial profits for Block Bits. However, there was no working autotrader at the time, and claims about the p

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