Feds accuse crypto founder of stealing $10 million from NFT investors, spending it on Miami condo and DJ hobby

In a recent indictment by the Department of Justice, a crypto founder named Taj Tarsha has been accused of embezzling $10 million from NFT investors and using the funds for personal gain. The indictment alleges that Tarsha, the founder of the company Few and Far, diverted the funds intended for the development of an NFT marketplace on the NEAR blockchain into his own pockets.

Instead of utilizing the investments for the promised project, Tarsha reportedly gambled the money away at online casinos, invested in his own crypto portfolio, purchased a luxury condominium in Miami, and funded his personal DJ hobby. The project, which was founded in March 2022, never produced a functional product. Despite receiving investor funds, the FAR token, launched over two years after Few and Far's inception, saw its value plummet by over 99%.

Tarsha, who held all equity of the company, had control over the project and paid himself a $360,000 annual salary even when the company generated "virtually zero revenue." He also allegedly siphoned hundreds of thousands of dollars to personal wallets, gambled on an online casino, supported his personal DJ hobby, paid a personal tax bill, and took a $1 million loan from the company to buy a luxury Miami condo.

If convicted, Tarsha could face significant prison time and be required to forfeit any assets acquired using investor funds.