The New York County District Attorney seized roughly $14,000 that Coin Dispute Network operators allegedly stole from users.
Manhattan District Attorney Alvin Bragg announced criminal charges against an individual for using a “sham cryptocurrency asset recovery business” to defraud customers.
In an Aug. 1 notice, the New York Country District Attorney’s office said it had charged Michael Lauchlan with three counts of grand larceny and two counts of scheme to defraud for his role in stealing from Coin Dispute Network users. According to the DA, the “sham” platform claimed to be able to trace and recover lost crypto assets, but instead, it bilked customers out of fees and stole Ether (ETH) from at least three users.
“Michael Lauchlan allegedly exploited his customers’ lack of experience with the cryptocurrency industry and in turn fleeced them out of thousands of dollars in sham services and stolen assets,” said Homeland Security Investigations New York Special Agent in Charge Ivan Arvelo.
