Yet another cryptocurrency scam has been busted. The Founder of IGOBIT, Asa Saint Clair, has been charged with wire fraud by the New York Field Office of US Immigration and Customs Enforcement’s Homeland Security Investigations unit.

Essentially, Clair created an organization called World Sports Alliance, which claimed to be an affiliate of the United Nations that promoted international development and peace through sports. Word Sports Alliance promised investors guaranteed returns and an ownership interest via a cryptocurrency called IGOBIT, but ultimately the World Sports Alliance and IGOBIT were shams.

In reality, Clair embezzled all of the investor’s funds and used them to create a lavish lifestyle for him and his family, including dinners at Manhattan restaurants, airline tickets, and online shopping. It has been revealed that none of the funds went towards actually developing the World Sports Alliance, and the IGOBIT cryptocurrency was never even created.

The wire fraud charge which Clair received carries a maximum sentence of 20 years in prison, but the exact sentence will be decided in court.

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