Austin Michael Taylor, the founder of CluCoin, has pleaded guilty to wire fraud, admitting he diverted over $1 million in investor funds to online casinos.
Court documents reveal that Taylor misdirected funds meant for CluCoin projects to personal wallets, subsequently using that money on various online gambling sites.
Taylor shifted the focus of CluCoin away from its charity origins due to financial pressure from a falling ICO value, leading him deep into gambling.
Despite initial promises to investors regarding CluCoin's development of a metaverse video game, Taylor privately struggled with gambling addiction while misusing investor money.
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