In yet another shocking case of crypto fraud, Dwayne Golden, a 57-year-old from the United States, has been sentenced to 97 months in prison for masterminding a series of crypto scams that defrauded investors out of more than $40 million. The schemes, operated under the names EmpowerCoin, ECoinPlus, and Jet-Coin, promised high returns through crypto trading but were, in reality, nothing more than Ponzi operations.
False Promises and Fake Trading Firms
Between April and August 2017, Golden and his co-conspirators Gregory Aggesen, Marquis Egerton (also known as Mardy Eger), and William White launched online investment platforms under the guise of being international crypto trading firms. The firms claimed they could deliver guaranteed profits through high-frequency cryptocurrency trades.
However, no such trading ever took place. Instead, the money collected from new investors was used to repay earlier investors or simply pocketed by the scammers, classic signs of a Ponzi scheme. When these platforms collapsed, thousands of investors were left with major losses.
United States Attorney Joseph Nocella said the companies “offered no legitimate services,” and described the scam as “an exploitation of investor excitement over new technology.”
Obstruction of Justice and Lies
After the scam unravelled, Golden and his associates tried to cover their tracks. According to the Department of Justice (DOJ), they obstructed investigations by destroying crucial evidence and feeding false information to both the Federal Trade Commission (FTC) and a federal grand jury.
Golden’s efforts to hide the truth didn’t work. He was eventually convicted of wire fraud and money laundering. The court also ordered him to forfeit around $2.46 million, part of the ill-gotten gains from the scam.
While Golden has now been sentenced, his co-defendants are facing their own legal consequences. William White received a 30-month prison term, while Aggesen and Egerton are awaiting sentencing.
FBI and DOJ Send Strong Message
FBI Assistant Director Christopher Raia called the entire operation “an elaborate scheme rooted in deceit and false promises.” He emphasised Golden’s “utter disregard for integrity” and praised the prison sentence as a clear warning to others attempting to scam investors.
The DOJ is also encouraging victims to come forward and submit claims through a dedicated FBI portal, as they work to recover and possibly return stolen funds to those affected.
Crypto Crime on the Rise in 2025
Golden’s case is far from isolated. In fact, it’s part of a much larger trend. So far in 2025, over $2.1 billion has been lost to crypto-related crimes, according to blockchain security firm CertiK. A large portion of these losses has been linked to wallet hacks and private key mismanagement.
In another high-profile case earlier this month, five men pleaded guilty to running a $36.9 million crypto fraud operation. The group targeted American victims using dating apps, messaging platforms, and social media, luring them into fake crypto investment schemes. Much of the stolen money was sent to a scam centre based in Cambodia.
The sentencing of Dwayne Golden shows that law enforcement agencies are taking crypto crimes seriously. But it also highlights how easily people can be tricked by false promises in the digital asset world. As crypto adoption grows, so does the need for education, regulation, and vigilance.
Investors are advised to do thorough research before putting money into any cryptocurrency project. If an opportunity sounds too good to be true, it probably is.
