Cryptocurrency scam allegedly duped investors through promises of a worldwide sports group
A New York man allegedly ran a fraudulent cryptocurrency scheme by claiming it was tied to a United Nations affiliate promoting international development through sports, according to an indictment released this week by the Department of Justice.
According to the department, 47-year-old Asa Saint Clair sold investors on a digital coin called IGOBIT, offering them guaranteed returns and a stake in the cryptocurrency. The funding, he allegedly told investors, would go toward the World Sports Alliance, a group that claimed to be tied to the UN and to work on global development projects. But the coin never existed, and World Sports Alliance didn’t work on any international projects, prosecutors say.