Shane Donovan Moore, a former rugby player, was sentenced to 2.5 years in federal prison for defrauding over 40 investors out of $900,000 in a cryptocurrency mining Ponzi scheme. Operating Quantum Donovan LLC from January 2021 to October 2022, Moore promised investors daily returns of 1% and claimed their funds would be used for cryptocurrency mining hardware. Instead, he used their money to finance a lavish lifestyle, including luxury apartments and designer goods, while paying earlier investors with new investor funds. US District Judge Tana Lin noted that Moore caused emotional and psychological harm to the victims beyond financial losses. The case highlights a growing trend of Ponzi schemes leveraging the excitement and newness of cryptocurrency, as similar scams have emerged in recent years.

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