Justice Served: Crypto Scammer Dwayne Golden Gets 8 Years for $40M Fraud

In the world of cryptocurrency, where innovation meets investment opportunity, the unfortunate reality of scams and fraud also exists. News recently broke regarding a significant **crypto scam** mastermind facing serious consequences, highlighting the ongoing battle against illicit activities in the digital asset space. This case serves as a stark reminder for anyone involved in crypto about the importance of vigilance.

**Dwayne Golden** Sentenced for Orchestrating Massive **Crypto Fraud**

A federal judge in Brooklyn has sentenced **Dwayne Golden**, 57, to nearly eight years in prison (97 months) for his central role in orchestrating a large-scale **crypto fraud** scheme. The sentencing occurred on Friday, marking a significant development in the case.

According to the Department of Justice (DOJ), Golden was convicted of wire fraud and money laundering. He operated through three digital asset firms: EmpowerCoin, ECoinPlus, and Jet-Coin. These schemes defrauded investors out of more than $40 million.

Federal prosecutors detailed that Golden and his associates falsely promised guaranteed returns from cryptocurrency trading. However, no actual trading took place. Instead, funds were diverted in a classic Ponzi scheme model, used either to pay off earlier investors or enrich the perpetrators. The companies quickly collapsed after collecting investor funds, resulting in substantial **investor losses**.

Details of the $40M Schemes

The fraudulent operations ran between April and August 2017. Golden, alongside co-defendants Gregory Aggesen and Marquis Egerton, marketed their firms as legitimate international crypto traders. When their schemes unraveled, Golden and his co-defendants attempted to obstruct investigations by both the Federal Trade Commission and a federal grand jury, including destroying evidence and providing false information.

United States Attorney Joseph Nocella commented that the scheme exploited investor excitement around new technology, stating, “Golden and his co-defendants offered no legitimate services and none of the companies engaged in any actual trading in cryptocurrency as they claimed.”

In addition to the prison term, **Dwayne Golden** has been ordered to forfeit approximately $2.46 million. Co-defendant William White received a 30-month sentence, while Aggesen and Egerton await their sentencing.

FBI Assistant Director Christopher Raia described the conspiracy as “an elaborate scheme rooted in deceit and false promises.” He highlighted Golden’s “utter disregard for integrity” and viewed the sentence as a cautionary tale for others considering similar actions.

The Broader Context of **Crypto Sentencing** and **Investor Losses**

The **crypto sentencing** of **Dwayne Golden** is part of a larger trend of law enforcement cracking down on illicit activities in the digital asset space. Authorities are increasingly focused on prosecuting individuals and groups who exploit investor interest through fraudulent schemes.

Recent data underscores the scale of the problem. According to CertiK co-founder Ronghui Gu, over $2.1 billion has been stolen in crypto-related incidents so far in 2025 alone, with many losses stemming from wallet compromises and key mismanagement.

Another recent case involved five men pleading guilty to a $36.9 million **crypto scam** that targeted Americans and funneled money to a scam center in Cambodia. This separate incident, occurring earlier this month, also involved luring victims through social media and messaging apps with false promises of profitable crypto investments.

These cases highlight the diverse methods employed by scammers and the significant **investor losses** that can result. The DOJ encourages investors who suffered losses in the EmpowerCoin, ECoinPlus, and Jet-Coin schemes to submit restitution claims through the FBI’s dedicated portal.

Protecting Yourself from **Crypto Scam** Schemes

While authorities pursue justice through **crypto sentencing**, individual investors must remain cautious. Here are some key takeaways:

• Be wary of promises of guaranteed high returns with little to no risk. This is a major red flag for a potential **crypto fraud**.
• Research any company or individual offering investment opportunities thoroughly. Look for legitimate business addresses, registration, and verifiable trading history.
• Understand the technology. Don’t invest in something you don’t understand, especially if the details are vague or overly complicated.
• Be cautious of unsolicited contact, particularly through social media or dating apps.
• Never share your private keys or seed phrases.

The sentencing of **Dwayne Golden** sends a strong message that authorities are actively working to combat **crypto fraud** and protect investors. However, staying informed and exercising caution remains the best defense against falling victim to these schemes and experiencing significant **investor losses**.

Summary

In conclusion, **Dwayne Golden** received a substantial **crypto sentencing** of nearly eight years for orchestrating a $40 million **crypto scam** involving EmpowerCoin, ECoinPlus, and Jet-Coin. This case underscores the prevalence of **crypto fraud** and the severe consequences for those involved. While justice is being served, the incident serves as a critical reminder for investors to conduct thorough research and exercise extreme caution to avoid potential **investor losses** in the volatile crypto market.