ChainCatcher news, the founder of the cryptocurrency project CluCoin, Austin Michael Taylor, pleaded guilty to telecommunications fraud on August 15. Taylor leveraged his extensive social media influence to promote a digital token called "CLU" and successfully launched CluCoin's initial coin offering (ICO) on May 19, 2021.However, court records show that between May and December 2022, Taylor transferred approximately $1.14 million of investor funds into his personal accounts and squandered it in various online casinos.Taylor organized an event called "NFTCon: Into the Metaverse" to promote interest and investment in CLU, CluCoin, and related projects. Taylor's sentencing hearing is scheduled for October 31 at 10 AM, where he faces a statutory maximum sentence of 20 years in prison.