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The founder of the Baller Apps Club could face up to 40 years in prison

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Leh Anh Tron, founder of the Baller Apps Club, has faced charges of an alleged ragpool scandal. The U.S. Department of Justice (DOJ) on Friday, July 1, announced criminal charges against Tron and five others involved in the crypto scandal. If convicted, the founder of the Baller Apps Club could face up to 40 years in prison. Here’s what you need to know about the Accused Baller Apps Club.

If convicted, the founder of the Baller Apps Club could face up to 40 years in prison

What happened to the founder of Baller Apps Club?

According to a Statement from the Department of JusticeThe founder of the Baller Apps Club has been charged with “a count of wire fraud conspiracy and a count of international money laundering conspiracy”.

It comes after Tron Baller allegedly collected 2. 2.6 million from the Apps Club’s collectors, only to remove the project’s website. Later, he converted all the funds into different cryptocurrencies before transferring to multiple blockchains. This is a form of money laundering called “chain-hopping” which is used to hide the path of funds.

This is not the first lawsuit against the NFT founder

Baller Apps Club Ragpool Ragpool is a series that is plaguing the NFT industry. The list includes Balloonsville, BlockverseAnd Bored Cat Club, A few names. What’s more, in March 2022, the DOJ announced the first lawsuit against an NFT founder. At that time, the department arrested two people The 20-year-old behind the Frosties project For a so-called ragpool scandal.

“These lawsuits serve as an important reminder that some con artists are hiding behind conventional buzzwords, but at the end of the day they’re just trying to separate people from their money,” said Tracy L. Wilkison, U.S. attorney for the Central District of California. “We will continue to work with our law enforcement partners to educate and protect potential investors about both traditional and conventional investments.”

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