Odaily Planet Daily News According to official news from the U.S. Department of Justice, Austin Michael Taylor, the founder of the cryptocurrency project CluCoin, pleaded guilty to wire fraud on August 15. According to court records, Taylor used his social media influence to promote a digital token called "CLU" and launched CluCoin's IC0 on May 19, 2021. However, Taylor transferred approximately $1.14 million of investor funds to his personal account between May and December 2022 and squandered it in multiple online casinos. Taylor's sentencing hearing is scheduled for 10 a.m. on October 31, and he will face a statutory sentence of up to 20 years in prison.