As a seasoned analyst with decades of experience in financial crimes, I’ve seen my fair share of scams, from Ponzi schemes to pyramid schemes, but this one takes the cake – or should I say, the Ether? The audacity of Michael Lauchlan, operating under the alias Max Handler, to exploit unsuspecting crypto enthusiasts is nothing short of astounding.
Manhattan’s District Attorney, Alvin Bragg, unveiled that Michael Lauchlan faces legal accusations due to his alleged part in an illegitimate operation centered around the recovery of digital assets.
As a fellow crypto enthusiast, I’ve found myself in a troubling situation. A person known as Lauchlan, who goes by the pseudonym Max Handler, is under suspicion for deceiving clients through a company called Coin Dispute Network (CDN). The accusations are that he was falsely promising to recover lost cryptocurrency assets, which if true, is a significant breach of trust in our community.
Lauchlan assumed the role of CDN’s deputy president and top recovery manager, though clients believed they were communicating with a “recovery analyst.” Their payments for consultation services were made using Ethereum.
It is said that Lauchlan misled customers by pretending to have knowledge about the whereabouts of their missing cryptocurrency and promising to retrieve it in exchange for extra payment. In reality, he took advantage of this situation by collecting users’ fees and Ethereum (ETH), but failed to deliver the promised services.
District Attorney Bragg stated, “This accusation suggests a modern twist on an age-old crime.” He claims that Michael Lauchlan, by deceiving customers with untrue guarantees and keeping the money for himself, is believed to have carried out a scam. This scam reportedly defrauded many individuals and took money from at least three New York residents.
Lauchlan is facing accusations for three instances of grand theft, as well as two allegations of attempting to deceive.
Crypto scam details
From July 2022 through June 2023, I found myself drawn to CDN’s promises of blockchain analysis, tracing, and recovery of misplaced crypto assets. Unfortunately, these promises were false, and Lauchlan took advantage of my inexperience in the crypto world to pilfer my hard-earned funds.
In today’s announcement, District Attorney Bragg revealed accusations against an individual for swindling customers of the supposedly modern crypto recovery service, Coin Dispute Network, which we now suspect was nothing more than a deceitful operation. For further details, please refer to our report.
— Alvin Bragg (@ManhattanDA) August 1, 2024
Back in June 2023, I found myself caught up in a troubling situation when the Manhattan DA’s office took down the CDN website, a move that marked a decisive action against a cryptocurrency recovery scam I had unwittingly become involved with. Fast forward to July 9, 2024, and Lauchlan was apprehended in Las Vegas by authorities. It’s a relief to know that steps are being taken to address such fraudulent activities within the crypto space.
The DA’s office has identified approximately $14,000 in user funds transferred to CoinEx by CDN and has spoken to over 175 affected individuals.
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2024-08-03 01:46