CEO of Crypto City Bitcointopia Pleads Guilty to Selling Land He Didn't Have

in crypto •  last month

Morgan Rockcoons AKA Morgan Rockwell pleaded guilty in San Diego federal court this week to both selling land he didn’t have for a crypto city project dubbed “Bitcointopia” and to operating a money transmitting business without a license.

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He launched a crypto city project Bitcointopia, an initiative described as “the desert crypto-kingdom of the future" in 2016. The project's website is offline, but its Twitter profile shows that the company was selling one acre of land in Nevada for 0.5 BTC, two acres for one BTC, and three acres for 1.5 BTC.

According to reports, he advertised 500-1,000 acre plots to investors but actually owned less than 5 acres in two non-contiguous plots.

Rockcoons faces up to 20 years in prison for fraud and up to 5 years on the charge of operating an unregistered money transmission business.

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Oops another bad image for Crypto