The founder of encryption startup Amalgam is accused of defrauding millions of dollars

According to a report by Golden Finance, US prosecutors have accused Jeremy Jordan Jones, the "founder" of the cryptocurrency startup Amalgam, of committing fraud by "running a fake blockchain" that defrauded investors of over $1 million and "used that money to live a luxurious life". The prosecutor claimed that he "falsely advertised millions of dollars in partnerships with the Golden State Warriors, a certain English Premier League team, and a catering group with over 500 restaurants," but "these partnerships do not exist. He also falsely claimed that raising funds was to promote the launch of Amalgam's non-existent cryptocurrency token on the exchange. The indictment alleges that he "squandered investors' funds on hotels and restaurants, car payments, and designer clothing in Miami. Jordan Jones is charged with one count of telecommunications fraud, one count of securities fraud, one count of making false statements to financial institutions, and one count of serious identity theft, with a total maximum sentence of 82 years in prison.