CluCoin founder pleads guilty to wire fraud for promoting CLU tokens and illegally transferring $1.14 million in investor funds

Founder of cryptocurrency project CluCoin, Austin Michael Taylor, admitted to telecommunications fraud on August 15. Taylor used his extensive social media influence to promote a digital token called "CLU" and successfully launched CluCoin's initial coin offering (ICO) on May 19, 2021.However, court records show that Taylor transferred approximately $1.14 million of investor funds into his personal account between May and December 2022, and spent it all in multiple online casinos.Taylor had organized an event called "NFTCon: Into the Metaverse" to promote interest and investment in CLU, CluCoin, and related projects. Taylor's sentencing hearing is scheduled for October 31 at 10:00 a.m., and he faces a maximum statutory sentence of 20 years in prison.