Amalgam Founder Charged With Stealing Funds Using Fake Blockchain
By Philip Maina
2 hours agoSat May 24 2025 10:13:17
Reading Time: 2 minutes
- Amalgam founder has been charged with stealing over $1M using a fake blockchain
- The founder, Jeremy Jordan-Jones, faces identity theft, securities fraud, and wire fraud, among other charges
- Jordan-Jones is accused of using investors’ money to fund a lavish lifestyle
The founder of Amalgam Capital Ventures, Jeremy Jordan-Jones, has been charged with defrauding investors of over $1 million using a fake blockchain . Jordan-Jones faces wire fraud, identity theft, and securities fraud, among other charges that have a cumulative prison time of up to 72 years. The Department of Justice (DOJ) claims the Amalgam founder marketed his firm as “a groundbreaking blockchain startup,” but it didn’t have a blockchain project, and the inventor’s money was used to fund a lavish lifestyle, a story that has become popular in the crypto and blockchain worlds.
Strengths and Plans Misrepresented
Jordan-Jones also intentionally misrepresented his firm’s strength and future plans to attract more investors. According to U.S. Attorney Jay Clayton, the accused capitalized on the publicity around blockchain technology to perpetrate “a brazen scheme to defraud investors.”
Clayton warned “would-be financial fraudsters,” saying that the FBI and other law enforcement agencies are watching. Jordan-Jones had been defrauding investors using the sham network for close to two years, starting in January 2021.
Among the false representations is that Amalgam had developed software products and had inked high-profile partnerships with “major-league sports teams.” Jordan-Jones also “submitted falsified financial documents to a bank.”
More Lies
The Amalgam founder also lied to investors that he was planning to list the firm’s virtual currency on major crypto exchanges and that their funds went into the purchase of hardware and funding the firm’s operations.
The Amalgam founder’s case comes barely a week after 12 individuals were charged for their roles in malicious crypto activities involving over $263 million. It also comes five months after a pastor was charged with operating a fraudulent crypto scheme worth close to $6 million.
With Jordan-Jones’ fraudulent scheme unearthed, it’s to be seen how many years he’ll serve in prison.
