NFT Founder Charged With Fraud Over $10 Million Token Sale, DOJ Says

Federal prosecutors have indicted Taj Tarsha, founder of the NFT startup Few and Far. They accuse him of stealing more than $10 million raised to build a decentralized marketplace.

The US Attorney's Office for the Southern District of New York announced the charges on Wednesday. Tarsha, 34, of Miami, faces one count of securities fraud and one of wire fraud.

The Math Behind the $10 Million Raise

Tarsha started raising money in February 2022. He used Simple Agreements for Future Tokens (SAFTs), contracts that let investors pay now for tokens delivered later.

He sold 95 million FAR tokens to at least 67 backers, the indictment says. That works out to roughly 11 cents a token, and close to $150,000 per investor.

Follow us on X to get the latest news as it happens

The pitch carried real credibility. Few and Far ran on NEAR Protocol. The NEAR Foundation announced a grant and partnership in September 2022.

… Continue reading the full article at the original source below.