RATE Group | Journalist facing charges for alleged $4.8m cryptocurrency con
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Journalist facing charges for alleged $4.8m cryptocurrency con

25 Nov Journalist facing charges for alleged $4.8m cryptocurrency con

Posted at 05:42h in Cryptocurrency News by

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A former journalist who once wrote for the New York Times could spend up to 20 years behind bars if convicted for ripping off start-ups to the tune of $US3.5 ($A4.8) million.

Jerry Ji Guo, a 31-year-old Yale University graduate, was arrested on November 9 in Puerto Rico on wire-fraud charges.

According to a detailed The Daily Beast article on Mr Guo’s exploits, he allegedly swiped millions in cryptocurrency from a number of companies that hired him as a consultant.

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He allegedly carried out his scheme through initial coin offerings (ICO) — a type of fundraising using cryptocurrencies in which a certain amount of crypto is sold to investors in the form of tokens, in exchange for either cash or other cryptocurrencies.

Mr Guo touted himself as an ICO expert, and clients would pay him a deposit for his services into a crypto “wallet”.

On August 19, he allegedly drained those…

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