Crypto promises of 30% per year are over again with a conviction — and it sounds like a worrying reminder for the entire market.
A federal jury in the United States found Las Vegas businessman Brent Kovar guilty of fraud through his company Profit Connect. According to the investigation, at least 400 investors were affected, with total damages of $24 million. Kovar promised returns of 15–30% per year and claimed the firm uses AI and a supercomputer for cryptocurrency mining. The sentence will be handed down on November 30; the maximum combined penalty for the charges is up to 280 years (ForkLog).
It seems the market is increasingly separating real crypto businesses from stories built on AI hype and “secret technologies.” This may mean regulators and courts will scrutinize any projects with inflated return promises even more closely—especially if they lack a transparent model.
Do you think cases like this clean up the industry, or only further increase distrust in crypto? #crypto #regulation
Live breakdowns and a complete log — on X: @TyumaBidrouINW
A federal jury in the United States found Las Vegas businessman Brent Kovar guilty of fraud through his company Profit Connect. According to the investigation, at least 400 investors were affected, with total damages of $24 million. Kovar promised returns of 15–30% per year and claimed the firm uses AI and a supercomputer for cryptocurrency mining. The sentence will be handed down on November 30; the maximum combined penalty for the charges is up to 280 years (ForkLog).
It seems the market is increasingly separating real crypto businesses from stories built on AI hype and “secret technologies.” This may mean regulators and courts will scrutinize any projects with inflated return promises even more closely—especially if they lack a transparent model.
Do you think cases like this clean up the industry, or only further increase distrust in crypto? #crypto #regulation
Live breakdowns and a complete log — on X: @TyumaBidrouINW
