The co-founder and head trader of a cryptocurrency investment firm has pleaded guilty to wire fraud conspiracy charges for his role in raising over $9 million from investors with false promises of significantly high returns.
Wolf Capital co-founder and head trader Travis Ford lured in around 2,800 investors to invest approximately $9.4 million between January and August 2023, as per a Jan. 10 statement published by the United States Department of Justice (DOJ).
The DOJ said Ford presented himself as a “sophisticated investor” capable of generating “1-2%” daily returns, equating to an average of approximately 547% annually.
Investors were lured in through social media and other online activity
The DOJ said Ford attracted investors through Wolf Capital’s website, social media, and other various online promotions. Rather than using the funds for the promised purpose, they were redirected for the personal financial gain of Ford and others involved in the scheme.
“Ford misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors.”
The DOJ also said that Ford “admitted” that those returns were not viable to “achieve consistently.”
A sentencing date has yet to be scheduled, but Ford’s guilty plea to one count of conspiracy to commit wire fraud carries a maximum penalty of five years.
A broader crackdown on global crypto scams
It comes alongside a wider crackdown by police across multiple jurisdictions targeting fraudsters operating crypto-related schemes worldwide.
On Jan. 5, Vietnamese police arrested four individuals involved in a crypto mining scam that stole 4 billion Vietnamese dong ($157,300) from more than 200 victims.
Related: Offchain transaction validation could prevent 99% of crypto hacks, scams
Meanwhile, the police department of Springfield, Massachusetts, in the US, recently alerted citizens against an uptick in Bitcoin and other crypto-related scams.
While noting that scammers use a variety of techniques, the warning singled out crypto ATM scams:
“The scams have many different variations, but one in particular directs a person to a cryptocurrency machine to insert and send money to the scammer.”
On Jan. 9, blockchain security firm PeckShield reported that hackers and scammers stole over $3 billion through crypto-related activities in 2024.
Crypto hackers and scammers had stolen $400 million more in the last 12 months than in 2023 — a roughly 15% increase.
Magazine: Cypherpunk AI: Guide to uncensored, unbiased, anonymous AI in 2025
