CluCoin founder sentenced to 27 months in prison for embezzling investor funds for gambling, required to pay $1.14 million in restitution

ChainCatcher news, according to The Block, CluCoin founder Austin Michael Taylor has been sentenced to 27 months in prison for telecommunications fraud and must pay $1.14 million in restitution.

Taylor issued the CLU token on the BNB Chain in 2021, subsequently launching Goobers NFT, the Web3 game Gridlock, and the metaverse platform Xenia. In early 2023, he admitted to using investor funds for online gambling and embezzlement. The CLU token once reached a market value of $17 million, but is now only worth $54,000. The Goobers NFT had a peak floor price of 55.25 ETH, but the price has since plummeted.