Zero risk and stratospheric returns. Does this sound a little too beautiful to be true? Well, you’re right! Unfortunately, nearly 200 small investors American investors believed John DeSalvo and invested all or part of their savings in a project called Blazar Token which was to provide them with an additional income after their working lives. But all this was just a scam yet another scam in crypto land, and while these policemen, firemen and paramedics were dreaming of a golden retirement, the man in charge of their investments was spending their money on his own account. We head for Newark, New Jersey, to meet a character who is clearly unsavory.
1200% return? That’s John DeSalvo’s promise to investors.
This is the story of John DeSalvo47, former prison officer from New Jersey who was arrested by the police « for orchestrating two different fraud schemes, one of which was based on cryptocurrencies. ». According to documents from the State Prosecutor, here is what this gentleman is charged with:
« John DeSalvo is criminally indicted on two counts of wire fraud, two counts of securities fraud and two counts of money laundering related to these fraudulent schemes. »
But what exactly happened in this small northeastern US state? Back in 2021 to the creation of Blazar Token (Blazar) which the defendant will sell en masse to American civil servants. Supported by his social networks where he touts his investment talentsJohn DeSalvo will succeed in convincing several hundred people to invest in his token project. Between January 2021 and May 2021, he will present himself as a crack trader with his shock formulas:
« I’ve averaged almost 1,200% over the last 2 years. I’m one of the best in the world. It’s true, the rates of return I get on average are so high that people throw money at me to invest. »
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The Blazar Token was to supplement the retirement of American public officials
Thanks to its glibness and probably to the lack of vigilance of his victims, he succeeded in convincing over 200 people to invest an average of 100,000 dollars in its project. They will transfer the funds to the specialized Brokerage-1 platform, which will act as an interface between investor and manager. Unfortunately, after pretending to trade with this money for a while, John DeSalvo will resell all of his own tokens BLAZAR and transfer the money to personal accounts on the same platform, but also at Coinbase. In the meantime, the token pricecollapses and the investors lost everything. Then he’ll simply spend a lot of the money for his own pleasure via credit cards and work on his property.
To justify the losses to the poor policemen and firemen, it will produce false registers and claim poor market conditions. But the FBI and the State Police don’t see it that way, and end up witharrest for his entire body of work. For all charges, he faces three times his sentence 20 years in prison and nearly 6 million fine. Finally, it should be remembered that until proven otherwise, this individual is presumed innocent but was probably born before the shame to do this to firefighters and paramedics.
Another day in the crypto where dark characters use this formidable technological advance to steal from others and shamefully enrich themselves. So let’s say it again and again: when it’s too good to be true, it’s too good to be true! Take care of yourself and adopt the attitude of a budding detective in front of everynew crypto project you discover.
For peace of mind, equip yourself with a Ledger secure hardware wallet, there’s something for everyone. Your security is priceless (commercial link).