According to TechFlow, Austin Michael Taylor, the founder of the cryptocurrency project CluCoin, pleaded guilty to wire fraud on August 15. Taylor used his social media influence to promote a digital token called "CLU" and launched CluCoin's initial coin offering (ICO) on May 19, 2021.

Court records show that Taylor transferred approximately $1.14 million of investor funds into his personal account between May and December 2022 and squandered it at multiple online casinos.

Taylor, who organized the "NFTCon: Into the Metaverse" event to promote interest and investment in CLU, CluCoin and related projects, has a sentencing hearing scheduled for October 31 at 10 a.m. He faces a statutory maximum sentence of 20 years in prison.