The creator of CluCoin, a Miami-based cryptocurrency, has admitted to wire fraud. Austin Michael Taylor, 40, conducted what authorities are calling a scheme that funneled $1.14 million of investor funds into his own personal account. Using his large online following, Taylor promoted the initial coin offering (ICO) of CluCoin, which he claimed would focus on charitable efforts, attracting investors with a published "white paper," as per the U.S. Attorney's Office.
Following the successful launch of the ICO in May 2021, Taylor then began to redirect CluCoin's focus onto a variety of new ventures, including NFT minting, a computer game, and a metaverse platform, the event for which was "NFTCon: Into the Metaverse," held at a Miami hotel on April 4 and 5, 2022, according to the U.S. Attorney's Office. It was after this conference that Taylor was able to withdraw investor monies for personal use, eventually losing them through online gambling.
Taylor's upcoming sentencing is set for October 31, and he could face up to 20 years in prison. The responsibility of determining the length and severity of his sentence lies with U.S. District Judge Jacqueline Becerra, who will take into account the U.S. Sentencing Guidelines, as reported by the U.S. Attorney's Office.
The investigations are under the jurisdiction of the FBI's Miami and Washington Field Offices, while Assistant U.S. Attorneys Manolo Reboso and Emily Stone are leading the prosecution and handling asset forfeiture, respectively. In a bid to aid identified victims, notifications will be sent via NFT—those who invested in CLU or believe they are victims should report relevant information to the FBI at their dedicated website. More details related to the court documents can be accessed at the District Court for the Southern District of Florida's website or through the PACER system under case number 24-cr-20308.
