Crypto personality Thomas John Sfraga has admitted to wire fraud, conning victims into investing in fake crypto ventures. The U.S. Department of Justice (DOJ) revealed that Sfraga promised investors up to 60% returns in three months. However, he was running a Ponzi scheme, using new investments to pay previous investors. The DOJ stated that Sfraga used the funds for personal expenses and to pay earlier victims and associates. His victims, some of whom were friends and neighbors, lost over $1.3 million. This comes amid increased crackdowns on crypto fraud.