A U.S. federal grand jury has indicted the founder of a crypto startup that raised millions from investors — ostensibly to finance the development of a trading platform for NFTs — alleging that he defrauded investors.
Taj Tarsha, the founder of crypto startup Few and Far Ltd., which claimed to be developing a decentralized market for NFTs, is now facing securities and wire fraud charges in New York.
According to the indictment, starting in early 2022, Tarsha began soliciting investors through the pre-sale of crypto tokens that were to be used on the planned NFT market, raising at least US$10 million.
However, it’s alleged that almost immediately, he began misappropriating investors’ funds for personal use, including online gambling and crypto trading, while also paying out US$1 million in undisclosed compensation. And, when the token was finally launched in May 2024, “it was effectively worthless and soon ceased trading,” U.S. authorities alleged.
Now, Tarsha has been charged with one count of securities fraud and one count of wire fraud.
The allegations have not been proven in court.
