According to BlockBeats, on September 26, Damian Williams, the U.S. Attorney for the Southern District of New York, announced that Eugene William Austin Jr. was convicted of three counts of conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen property. Austin and his son Brandon Austin defrauded multiple victims across the United States, causing millions of dollars in losses.

Austin's crimes included impersonating brokers for large cryptocurrency sales, promising short-term cryptocurrency investments with high returns, and finding high-net-worth investors for start-ups. They used the proceeds from the fraud for personal expenses, such as luxury hotels, restaurants, and shopping. One case involved a $5 million cryptocurrency scam.

Austin will be sentenced on February 20, 2025, and faces up to 45 years in prison. His son Brandon previously pleaded guilty and was sentenced to four years in prison.