Federal authorities have charged Jeremy Jordan-Jones, founder of Amalgam Capital Ventures, with masterminding a $1 million blockchain scam. The 43-year-old entrepreneur allegedly lured investors with promises of cutting-edge technology while funneling cash into luxury cars, vacations, and designer goods. Arrested on May 21, 2025, he faces four felony counts that could land him in prison for decades.
The Alleged Scam
Prosecutors claim Jordan-Jones sold investors a fantasy. Between January 2021 and November 2022, he marketed Amalgam as a pioneer in blockchain-based payment systems. However, court filings reveal the company had no functional products, fewer than five clients, and fabricated partnerships. Notably, he promoted collaborations with the Golden State Warriors and a Premier League soccer team, both later confirmed as fiction. Furthermore, investors were told funds would develop crypto tokens and secure exchange listings. Instead, Jordan-Jones allegedly diverted over $1 million for personal use. “The company was a sham,” said Manhattan U.S. Attorney Jay Clayton.
Lavish Spending on Stolen Dollars
Bank records paint a stark picture. Jordan-Jones reportedly splurged on Lamborghini payments, Miami penthouse parties, and $350,000 in credit card debt. To secure that card, he submitted a falsified bank statement showing $18 million in Amalgam accounts. In reality, the account held $0 and had been closed months earlier. Additionally, he allegedly hosted potential investors at upscale Miami restaurants, billing meals to the company. “He turned investor trust into a personal ATM,” said FBI Assistant Director Christopher Raia.
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Decades in Prison Possible
The charges carry severe consequences. Each count of wire or securities fraud holds a 20-year maximum, while bank fraud could add 30 years. Aggravated identity theft guarantees a two-year sentence if convicted. Furthermore, prosecutors seek forfeiture of assets linked to the scheme, including luxury items and property. Should original funds prove untraceable, substitute assets may be seized. Jordan-Jones will appear before U.S. Magistrate Judge Robert W. Lehrburger, with the case overseen by District Judge Arun Subramanian.
Prosecutors: “Blatant Lies” Fueled Fraud
Authorities minced no words condemning the alleged scheme. “Jordan-Jones exploited blockchain hype to line his pockets,” Clayton stated. Raia echoed this, noting the founder’s “blatant lies” left victims financially stranded. The SEC has also filed a civil suit, signalling tightened scrutiny on crypto ventures. Despite Amalgam’s claims of revolutionary tech, investigators found no patents, prototypes, or legitimate partnerships.
Crypto Community Reacts
The case has rattled blockchain enthusiasts. On social media, users like @CryptoArk_ warned the scandal could “erode confidence in crypto markets.” Others highlighted the industry’s vulnerability to flashy cons. Notably, conflicting reports initially misidentified the founder as Bruce Bise, but officials confirmed Jordan-Jones as the sole defendant. This error shows the chaos often surrounding crypto crimes.
A Warning for the Crypto Investors
Jordan-Jones’s case mirrors rising fraud in poorly regulated tech sectors. As lawmakers advance bills like the GENIUS Act to police stablecoins, the DOJ’s pursuit of Amalgam signals a crackdown. Ultimately, the saga shares a harsh truth: blockchain’s anonymity is a myth. “Fraudsters leave trails,” Raia said. “We will follow them.” For investors, the takeaway is clear: verify before you trust.
Written By Fazal Ul Vahab C H
