The founder of Titanium Blockchain is sentenced to four years in prison – Bits Media

In the United States, a trial was held on the founder of the Titanium Blockchain fraudulent cryptocurrency project, whose clients have lost $21 million. Its founder Michael Stulleri received 4 year of imprisonment.

Проект Titanium Blockchain Infrastructure Services (TBIS) was founded in 2017 year and in the period from 2017 by 2018 years conducted the initial placement of tokens (ICO) for the amount $21 million. As part of the ICO Michael Stulleri (Michael Stollery) Sold Bar tokens. In just a few weeks, the token course collapsed with $1,6 to $0,03. Besides, United States Securities and Exchange Commission (SEC) accused Stalleri of the absence of ICO registration.

In July last year, Stulleri pleaded guilty to violation of the law on securities and participation in the "fraudulent scheme". He admitted to the falsification of certain points in the technical documents of TBIS and the placement of fake customer reviews on the project website. He also admitted in false statements about working with the US Federal Reserve, What served to attract customers and deceive investors regarding the legitimacy of TBIS.

Stolleri also told, that I used client funds to pay for various expenses, including credit cards and accommodation accounts in the condominium in Hawaii. The founder of Tbis threatened 20 Years of prison, However, the court was condescending and sentenced Stolleri punishment in the form 4 years and 3 months of imprisonment.

According to the FBI, in 2022 year, the number of cases of fraud with cryptocurrencies increased by 183% - To $2,57 billion. IN 2021 year this indicator has reached $907 million.