- Travis Ford admitted to wire fraud for running a crypto scheme that raised $9.4 million from 2,800 investors.
- The DOJ revealed Ford promised 547% annual returns but used investor funds for personal gain.
- Fraudsters are shifting from Ponzi schemes to “pig butchering” scams involving trust and manipulation.
Travis Ford, a 35-year-old from Oklahoma, admitted guilt to a conspiracy to commit wire fraud charge, according to the U.S. Department of Justice (DOJ). His case revolves around Wolf Capital Crypto Trading LLC, a so-called investment firm he co-founded and ran as CEO and head trader.
Between January and August 2023, Ford raised $9.4 million from around 2,800 investors, luring them in with flashy social media posts, promotions, and bold claims on the company’s website. Ford promised daily returns of 1-2%—a staggering 547% annually.
Fraudulent Promises and Investor Losses
According to the DOJ, Ford used false promises to convince individuals to invest, only to divert funds for personal gain and that of his co-conspirators. The investors? They were left to bear the losses.
While schemes like this one—built on promises of wealth—aren’t new in the crypto space, fraudsters are evolving. The DOJ notes that many bad actors are moving to “pig butchering” scams. In these scams, con artists build trust or fake romantic relationships before swindling victims out of large sums of money.
Final Thoughts
Ford’s guilty plea shines a light on the ongoing risks in the cryptocurrency industry. As crypto grows, so does the sophistication of scams targeting unsuspecting investors. Staying informed and cautious remains key to navigating this rapidly evolving space.
