The U.S. Department of Justice recently handed down a 30-month prison sentence to former rugby player Shane Donovan Moore for defrauding investors in a crypto mining Ponzi scheme. Moore, who operated Quantum Donovan LLC between January 2021 and October 2022, targeted victims across several states by promising daily returns of 1% from cryptocurrency mining equipment that he never actually purchased.
Using his connections within the rugby community, Moore was able to build trust and recruit over 40 individuals who ultimately lost a total of $387,000 to his fraudulent scheme. Many of these victims were friends, teammates, and acquaintances who believed in Moore’s reputation. In reality, Moore diverted investor funds into personal accounts to fund a lavish lifestyle filled with luxury apartments, electronics, designer clothing, and travel expenses.
Despite the losses suffered by victims, Moore’s scheme pales in comparison to others in the crypto space. Just last month, the DOJ sentenced Dwayne Golden to 97 months in prison for operating a $40 million Ponzi scheme disguised as a crypto investment platform. Golden and his co-conspirators used fake platforms to promise guaranteed returns from overseas crypto trading, all while enriching themselves and paying existing investors with new deposits.
As cryptocurrencies continue to gain mainstream acceptance and value, they have become a prime target for fraudsters. The FBI’s Internet Crime Complaint Center reported that over 50% of all reported crypto losses in 2024 were due to investment scams. This highlights the importance of conducting thorough due diligence and being cautious when investing in the crypto space to avoid falling victim to fraudulent schemes.