Amalgam Founder Faces Charges Over $1M ’Blockchain’ Scam—Another Crypto Grift in the Books

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2025-05-21 20:22:23

Amalgam Founder Charged With Running ‘Sham Blockchain’, Taking $1M From Investors

Another day, another ’revolutionary’ blockchain project exposed as vaporware. This time, it’s Amalgam’s founder in the hot seat—accused of peddling a sham protocol while pocketing seven figures from hopeful investors.

SEC slams the hammer: Regulators allege the project was little more than a high-tech Ponzi, with zero functional blockchain to show for the $1 million raised. Just another reminder: in crypto, if it sounds too good to be true, it’s probably a spreadsheet masquerading as distributed ledger tech.

Bonus finance jab: At least traditional bankers wait until after lunch to steal your money.

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