The founder of Amalgam Blockchain has been sued by the U.S. Department of Justice for a million-dollar fraud case.

According to Gate News bot, as reported by Cryptonews, the U.S. Department of Justice has filed a criminal lawsuit against Jeremy Jordan-Jones, the founder of Amalgam Blockchain. The indictment shows that Jordan-Jones engaged in telecommunications and securities fraud by fabricating partnerships with well-known sports leagues and payment platforms, with the amount involved exceeding $1 million.

The prosecution pointed out that Jordan-Jones provided investors with forged financial statements, claiming that the funds would be used for token launch and technological development, but in reality, these funds were misappropriated for personal luxury consumption.

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