The United States accuses a Canadian man of fraud through crypto investment schemes on Discord, involving over $42 million.

PANews December 11 News, according to Bloomberg, U.S. prosecutors have charged Canadian citizen Nathan Gauvin with orchestrating a fraud scheme that raised over $42 million through false advertising. The scheme targeted individual users on the chat platform Discord, claiming that funds were invested in traditional finance and cryptocurrency sectors. He used most of the money for investor withdrawals, purchasing luxury jewelry, paying credit card debts, and falsely obtaining $800,000 in credit from a fintech company for personal expenses. From May 2022 to October 2024, Gauvin and others lured investors to invest in Gray Digital Capital Management Inc. and its fund Gray Fund, falsely claiming to offer an opportunity to invest in a “fusion of TradFi and DeFi” fund. He lied about his qualifications, the company’s asset performance, and presented altered statements, even claiming Gray Fund’s return rate reached 43,84%.
Authorities arrested Gauvin in the UK on Wednesday. It is currently unclear who his private lawyer is. The U.S. Securities and Exchange Commission (SEC) also filed similar securities fraud charges, alleging that Gauvin lied and submitted false documents when approached by regulators.