{"id":76560,"date":"2026-08-09T03:43:02","date_gmt":"2026-08-09T03:43:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/67-investors-paid-10m-for-nft-tokens-that-launched-worthless\/"},"modified":"2026-08-09T03:43:02","modified_gmt":"2026-08-09T03:43:02","slug":"67-investors-paid-10m-for-nft-tokens-that-launched-worthless","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/67-investors-paid-10m-for-nft-tokens-that-launched-worthless\/","title":{"rendered":"67 Investors Paid $10M for NFT Tokens That Launched Worthless"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Prosecutors say Tarsha raised more than $10 million from 67 investors.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Investor funds allegedly went to gambling, crypto, and personal spending.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">FAR collapsed more than 99% after its May 2024 market debut.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Founder Indicted Over $10 Million NFT Marketplace Raise<\/h2>\n<p>The U.S. Department of Justice (DOJ) announced Aug. 5 that Few and Far founder Taj Tarsha had been <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/nft-startup-founder-charged-fraud\" target=\"_blank\" rel=\"noopener noreferrer\">indicted on securities and wire fraud charges<\/a> tied to more than $10 million raised for an NFT marketplace. Tarsha was the founder and sole equity owner of the company, which had brought no product to market when the raise began.<\/p>\n<p>Beginning in February 2022, Tarsha sold rights to 95 million FAR tokens through Simple Agreements for Future Tokens, collecting more than $10 million from at least 67 investors. According to prosecutors, offering materials represented that the money would fund development of the Few and Far marketplace for <a href=\"https:\/\/www.bitcoin.com\/get-started\/defi-and-web3\/web3-nfts\/what-are-nfts\/\" target=\"_blank\" rel=\"noopener noreferrer\">non-fungible tokens<\/a> and the FAR token meant to circulate through it. Those blockchain-based assets represent ownership of unique items rather than interchangeable units.<\/p>\n<p>Deputy United States Attorney Sean S. Buckley detailed:<\/p>\n<blockquote>\n<p>\u201cAs alleged, Taj Tarsha raised millions of dollars from investors by promising that their investments would be used to build a marketplace for non-fungible tokens, but he instead breached their trust by stealing those funds for his own personal benefit.\u201d<\/p>\n<\/blockquote>\n<p>Court filings describe <a href=\"https:\/\/www.justice.gov\/usao-sdny\/media\/1455926\/dl\" target=\"_blank\" rel=\"noopener noreferrer\">investor money moving into personal wallets<\/a> for online gambling and speculative cryptocurrency purchases soon after funds arrived. Prosecutors say Tarsha siphoned nearly $1 million more under the pretext of legitimate compensation, taking two bonuses he hid from investors and a co-founder along with a salary he acknowledged was unreasonable at a company with no product and \u201czero revenue.\u201d<\/p>\n<h2>Audit Uncovered Spending as Project Faltered<\/h2>\n<p>An internal audit in June 2023 brought that activity to light, according to the indictment, prompting disputes over Few and Far\u2019s finances. The indictment contends Tarsha later regained control of the company treasury, fired nearly all remaining staff, and kept one contractor working on efforts intended to create the appearance of continued marketplace development.<\/p>\n<p>Personal spending continued for at least another year, prosecutors say, extending to a Miami condominium loan, interior design services, an unrelated business, and Tarsha\u2019s DJ hobby.<\/p>\n<p>Other federal NFT cases have involved similar claims over promised projects and investor funds. Prosecutors charged two men in a separate <a href=\"https:\/\/news.bitcoin.com\/us-charges-2-men-in-22-million-nft-rugpull-crypto-fraud-scheme\/\">$22 million NFT rug-pull case<\/a> tied to digital-asset projects marketed to investors.<\/p>\n<p>A separate <a href=\"https:\/\/news.bitcoin.com\/doj-and-fbi-unveil-charges-against-3-uk-nationals-in-nft-rug-pull-scam\/\">Evolved Apes case<\/a> centered on accusations that NFT buyers were promised development of a related video game before project proceeds were transferred away. Three U.K. nationals faced charges in that matter.<\/p>\n<h2>FAR Token Collapsed After Launch<\/h2>\n<p>Tarsha launched FAR in May 2024, more than two years after the earliest investors paid for rights to the token. Its value has since fallen more than 99%.<\/p>\n<p>Prosecutors stated:<\/p>\n<blockquote>\n<p>\u201cWhen he finally launched the FAR token in May 2024, it was effectively worthless and soon ceased trading.\u201d<\/p>\n<\/blockquote>\n<p>Tarsha, 34, of Miami, faces one count of securities fraud and one count of wire fraud, with each charge carrying a maximum statutory sentence of 20 years. He was arrested June 6.<\/p>\n<p>The accused spending pattern resembles a separate <a href=\"https:\/\/news.bitcoin.com\/clucoin-founder-pleads-guilty-to-crypto-fraud-confesses-to-personal-use-of-investor-funds\/\">Clucoin fraud case<\/a> in which founder Austin Michael Taylor admitted diverting $1.14 million in investor funds and using money at online casinos.<\/p>\n<p>Federal prosecutors also secured a nine-year sentence in <a href=\"https:\/\/news.bitcoin.com\/doj-says-10m-crypto-scheme-continued-after-guilty-plea-adding-victims\/\">another crypto case involving more than $10 million raised<\/a> from investors through representations about trading expertise and principal protection.<\/p>\n<div class=\"not-prose my-3 lg:my-4\"><a aria-label=\"Read Now: NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 flex flex-col md:hidden\" href=\"https:\/\/news.bitcoin.com\/nft-market-matures-in-2025-utility-gaming-and-rwa-drive-growth\/\"><\/p>\n<div class=\"relative aspect-video w-full overflow-hidden rounded-[15px]\"><\/p>\n<h3 class=\"absolute inset-x-0 bottom-0 m-0 p-3 text-xl font-bold capitalize leading-[1.17] tracking-[-0.4px] !text-white\">NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth<\/h3>\n<\/div>\n<div class=\"flex flex-col gap-2.5 px-1 pt-2.5 pb-1\">\n<p class=\"m-0 line-clamp-2 text-xs leading-[1.3] !text-[#67656E]\">In 2025, the NFT market matured beyond its speculative bubble, shifting toward functional utility and sustainable growth. Market leaders included\u2026<\/p>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-[38px] w-full\">Read Now<\/span><\/div>\n<p><\/a><a aria-label=\"Read Now: NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 hidden md:flex md:flex-row md:gap-3 lg:hidden\" href=\"https:\/\/news.bitcoin.com\/nft-market-matures-in-2025-utility-gaming-and-rwa-drive-growth\/\"><\/p>\n<div class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\"><img alt=\"NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<\/div>\n<div class=\"flex min-w-0 flex-1 flex-col justify-between gap-2\">\n<h3 class=\"m-0 line-clamp-3 text-xl font-bold capitalize leading-[1.17] tracking-[-0.4px] !text-[#1C1C1C]\">NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth<\/h3>\n<p class=\"m-0 line-clamp-2 text-sm leading-[1.3] !text-[#67656E]\">In 2025, the NFT market matured beyond its speculative bubble, shifting toward functional utility and sustainable growth. Market leaders included\u2026<\/p>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-[38px] w-full\">Read Now<\/span><\/div>\n<p><\/a><a aria-label=\"Read Now: NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 hidden lg:flex lg:flex-row lg:gap-4\" href=\"https:\/\/news.bitcoin.com\/nft-market-matures-in-2025-utility-gaming-and-rwa-drive-growth\/\"><\/p>\n<div class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\"><img alt=\"NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F01%2Fnft55568888900-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<\/div>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p><h3 class=\"m-0 min-w-0 flex-1 line-clamp-2 text-2xl font-bold capitalize leading-[1.17] tracking-[-0.48px] !text-[#1C1C1C]\">NFT Market Matures in 2025: Utility, Gaming, and RWA Drive Growth<\/h3>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-12 w-[180px] shrink-0\">Read Now<\/span><\/p>\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">In 2025, the NFT market matured beyond its speculative bubble, shifting toward functional utility and sustainable growth. Market leaders included\u2026<\/p>\n<\/div>\n<p><\/a><\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/featured\/67-investors-paid-10m-for-nft-tokens-that-launched-worthless\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Prosecutors say Tarsha raised more than $10 million from 67 investors. Investor funds allegedly went to gambling, crypto, and personal spending. FAR collapsed more than 99% after its May 2024 market debut. Founder Indicted Over $10 Million NFT Marketplace Raise The U.S. Department of Justice (DOJ) [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":76561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76560"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=76560"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/76560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/76561"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=76560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=76560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=76560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}