Hollywood producer turns out to be the founder of a large-scale cryptocurrency pyramid scheme

Hollywood producer Ryan Felton has been found guilty of promoting a large-scale crypto pyramid scheme — by deceiving investors, Felton managed to get more than $ 2.5 million.

As it became known, Ryan Felton pleaded guilty to 24 articles — in 2017, the producer advertised an ICO (initial coin offering) for the FLiK streaming service, which turned out to be a scam. Felton promised that the new platform would become more popular than Netflix and claimed that FLiK was co-owned by a famous rapper and actor from Atlanta, but it all turned out to be a hoax.

After a while, Ryan Felton dumped his 40 million FLiK coins, which resulted in a drop in the value of FLiK and the investors losing all their money. The producer managed to get more than $ 2.5 million from the sale of the tokens and bought a mansion, a Ferrari car, and precious stones for this money.

Not only the Hollywood producer was guilty of promoting a large-scale crypto scam. In early July, it became known that the developers of the Baller Ape Club project, a copy of BAYC, face up to 40 years in prison. The scammers sold non-fungible tokens in the form of different monkeys, and after selling the first batch of NFTs, they closed the project, deleted the website, and disappeared with $ 2.6 million in investor funds. The fraudsters withdrew liquidity from the pools (rug pull), converted tokens into other crypto assets, and moved them to «cover their tracks.»