While there is talk of transparency and trust in the world of Crypto and NFT, a big scam has recently been revealed. Jonathan Turbines, founder of Hashling NFT project and a Bitcoin Mining Operations associated with it, have been accused of serious allegations that they have embezzled crores of dollars of investors. The case has been registered in the Illinois Court on 14 May, in which Turbines have been sued for fraud and violation of fidictive duty.
$ 3 million theft and fake transfer
Plants (investors) allege that Turbines transferred at least $ 3 million to a holding company Satoshi Labs LLC to at least $ 3 million earned from Hashling NFT and a Bitcoin Mining Challenge. Turbines are the founder and CEO of this company. He falsely claimed that the transfer is valid and has been done with the consent of investors, while he actually did this on the basis of a fault shareholder agreement, which was filled with mistakes according to investors.
No returns found in NFT and BTC projects
Investors told that he solana and Bitcoin On two NFT Drops on it was raised $ 1.46 million. But they did not get any returns from that investment. Turbines initially assured everyone that their equity stake would be safe even after changing the name of the company, but later they put 67% of the voting rights with them and did not give any other rights to any other partner.
Ghosting after cheating, got investment done with girlfriends
As soon as the money came in hand, Turbines started breaking contact with the rest of their companions, ie “Ghost” them. Plants say that Turbines initially showed a strong intention and any financial backing of themselves or NFT Despite not having experience, he included himself in the project. He not only added other investors, but also entered his girlfriends in Hashling NFT.
Also, he took help from investors to attend marketing, artwork and even NFT Convention in New York. But when it came to the profit, he got everything in his name.
Conclusion
This phenomenon of Hashling NFT and associated Bitcoin Mining Operations proves that fraud cases may come up in the world of Web3. The ongoing trial against Jonathan Turbines has shook the entire NFT community. Investors have demanded the court to set up a contractive trust on all the assets of the project and return the entire amount. This case is a warning for all those who want to invest in NFT and Crypto, in such a situation, do complete research.
