Crypto Ponzi Scheme Mastermind Gets 8 Years for $40M Investor Fraud—DOJ Confirms

2025-06-30 10:08:41

Main Idea

Dwayne Golden was sentenced to 8 years in prison for orchestrating a $40M crypto Ponzi scheme through fraudulent platforms, with victims potentially eligible for restitution.

Key Points

1. Dwayne Golden, along with Marquis Demacking Egerton and William White, operated fraudulent investment platforms like EmpowerCoin, ECoinPlus, and Jet-Coin, promising fixed profits but diverting funds for personal use.

2. Golden pleaded guilty to conspiracy to commit wire fraud and money laundering, and was ordered to forfeit roughly $2.46 million.

3. William White was previously sentenced to 30 months in prison, while Aggesen and Egerton have pleaded guilty and are awaiting sentencing.

4. The U.S. Attorney’s Office encouraged victims of the scam to submit restitution claims.

5. Crypto-related scams are growing, with over $2.1 billion lost in 2025, primarily due to compromised wallets and poor private key management.

Description

Dwayne Golden of Harrisburg, Pennsylvania, has been sentenced to over eight years in federal prison for his role in a $40 million crypto Ponzi scheme, according to the U.S. Department of Justice. The sentence was delivered by Judge William F. Kuntz II in a Brooklyn federal court. The 57 years old man had pleaded guilty in September 2024 to conspiracy to commit wire fraud and money laundering. According to the prosecutor, Golden and his co-conspirators, Gregory Aggesen, Marquis Demacking Egerton ...

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