SIGN UP LOG IN
 

Crypto cheater gambles away $1.5 million in casinos in Las Vegas

Published by

February 11, 2020 1:52 pm

Crypto cheater gambles away $1.5 million in casinos in Las Vegas

Within only 18 months, two men from the US state of Arizona with a pyramid system are said to have captured more than USD 7.5 million from partly prominent investors.

The money was invested in a luxurious lifestyle and in Las Vegas: One of them gambled away around USD 1.5 million in the casinos of the gambling metropolis. Now the District Court of Arizona has brought charges.

5,000 USD stake per game

Within 13 months, the defendant John C. is said to have gambled away exactly 1,455,115 USD together with his girlfriend in the MGM casinos in Las Vegas. According to the court file of the District Court of Arizona, this is documented by records of the gambling operator, among others:

According to MGM Grand (which owns several hotels and casinos in Las Vegas, including the Aria Casino), C and AH were found to have lost a total of $1,455,155 in the MGM properties between August 12th, 2018 and December 21st, 2019. Their average bet at the gaming table was USD 5,000.

The 28-year-old had spent a total of 134 hours, corresponding to around five and a half full days, at the tables of the MGM casinos.

King of the crypto trade?

The money the man, who goes by the stage name “Kryp+0 K!ng”, lost came from his company Zima Digital Assets. He founded this company in 2017 together with Zach S.

The company promised investors high dividends through investments in the crypto and blockchain sector. According to local media, the client base also included several former Major Baseball League players not mentioned by name.

The so-called Ponzi scheme is a form of the illegal pyramid system.

In this system, investors are tricked into believing that they can achieve a mostly unrealistically high dividend with certain investments. However, any payouts are generated exclusively from the deposits of new investors.

In most cases, this condemns the system to rapid failure. Only the initiators of the fraud make profits in the long term.

It is unclear exactly how John C., who called himself the “Michael Jordan of algorithmic cryptocurrency trading”, got his more than 90 victims to entrust him with a total of around USD 7.5 million.

What is certain is that the only investment Zima Digital Assets made was in the luxury life of its founders. This came to an end with the arrest of the two on January 30th, 2020.

The accused are currently in custody and remain silent about the charges. A trial date has not yet been set.

More News

win2day - €50,000 Guaranteed at the Summer Poker Series

win2day - €50,000 Guaranteed at the Summer Poker Series

The Austrian online poker provider win2day is hosting the Summer Poker Series 2019 this coming weekend, with a proud €50,000…

So far 1.138 Entries at the German Poker Masters in the King's!

So far 1.138 Entries at the German Poker Masters in the King's!

At the King's Resort Rozvadov the €200+€30 German Poker Masters record event is running at full speed. After six of…

After Werder farewell: FIFA World Champion

After Werder farewell: FIFA World Champion "MoAuba" has a new team

FIFA19 World Champion Mohammed "MoAuba" Harkous has found a new club. The eSportsman, last season still active in the jersey…

Yankees against Astros before the end

Yankees against Astros before the end

The New York Yankees can probably forget their title dreams. The record champions also lose their fourth match against Houston…

Poker Masters Final - Chiplead for Chris Hunichen

Poker Masters Final - Chiplead for Chris Hunichen

The Poker Masters 2019 in Las Vegas are drawing to a close, and the grand finale in the form of…

2019 World Series of Poker Main Event: Ensan still in the lead

2019 World Series of Poker Main Event: Ensan still in the lead

The last nine players of the former 8,569 entries returned tonight to play day 8 of Event #73, the $10,000…

Sport News: Marcelo:

Sport News: Marcelo: "I couldn't breathe"

Marcelo is known at Real Madrid for his casual and relaxed manner. Almost every time you see the Brazilian on…

Win up to $1,000 a day at the Grand Hand Promo at 888poker

Win up to $1,000 a day at the Grand Hand Promo at 888poker

The Grand Hand promotion has returned to 888poker, where you can win some free goodies until August 15th, including $1,000…

Leon Tsoukernik wins €1,372,500 in the slots

Leon Tsoukernik wins €1,372,500 in the slots

While in Great Britain deposits with a credit card were blocked, and Ireland and Spain could follow, the WSOP announced…

Police burst into an illegal poker game

Police burst into an illegal poker game

After an anonymous phone call, the officers approach a raid on a pub. Five out of eight gamblers are convicted,…

Formula 1: 70th Anniversary 2020: Timetables, favourites and where to watch the race live

Formula 1: 70th Anniversary 2020: Timetables, favourites and where to watch the race live

Formula 1 is coming to its most special race this coming weekend at Silverstone. The 70th Anniversary Grand Prix will…

Gaming - The industry hopes for these innovations

Gaming - The industry hopes for these innovations

The gaming industry has been enjoying a sustained upswing for years. The use of games has changed from a marginal…

Alonso breaks Rookie Homerun Record
Alonso breaks Rookie Homerun Record

Pete Alonso of the New York Mets beats his 53rd home run of the season. No rookie in the MLB…

Players lose everything at GTA 5 Online's new casino - And they love it!
Players lose everything at GTA 5 Online's new casino - And they love it!

At GTA 5 Online, the new casino has opened and gives the action game a boost. The social media is…

NBA Stars Kneel Against Racism in Season's Reboot
NBA Stars Kneel Against Racism in Season's Reboot

After a four-and-a-half-month suspension for the coronavirus, the NBA resumed its season Thursday with a strong message. Against racism from…

How an NBA player became a Mogul
How an NBA player became a Mogul

Luol Deng ends his basketball career. A lucrative second mainstay has already been built up by the Brit, who was…

LoL: The Groups of the Worlds 2019
LoL: The Groups of the Worlds 2019

The Play-in phase is over, and four more teams are joining the set organisations. In a heartbeat final, the Unicorns…

GTA 5 Online: Casino DLC Chip Tips - Gambling Details
GTA 5 Online: Casino DLC Chip Tips - Gambling Details

In the GTA 5 Online DLC Casino, you enter the world of gambling. We offer you chip tips and tell…

Erich Kollmann in the final of the partypoker Grand Prix Million King's!
Erich Kollmann in the final of the partypoker Grand Prix Million King's!

With 1,958 entries there was an overlay at the partypoker Grand Prix Million. In the final €164.300 are waiting for…

New content for players from GTA Online
New content for players from GTA Online

Rockstar Games has unveiled the latest content and bonuses for "GTA Online". These include the Progen Emerus super sports car…

In the fight against illegal online gambling
In the fight against illegal online gambling

The law firm Lenné has long fought on behalf of its clients to recover lost stakes in illegal online casinos.…

Marvel mixes fashion with eSports: Target group matching in the digital age
Marvel mixes fashion with eSports: Target group matching in the digital age

The Marvel film series enjoys millions of fans. There are also eSports enthusiasts among them. Now they can be especially…

Mybetting Deals Tools

Surebet by BetBurger

Surebet by BetBurger

BetBurger is a service focusing on arbitrage bets, also known as sure bets. It turns sports betting into an investment.

Matched Betting by OddsMonkey

OddsMonkey

OddsMonkey offers matched betting services with features to enhance your profits with the best betting offers.

Live Sport Results and Statistics

Live Scores

Always keep ahead of the sports betting game with our real time results and statistics!

2000+ Free Slots

Play the best online slots and your favourites from the biggest developers for free right here!