Amalgam Founder Charged in $1 Million Crypto Fraud

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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Last updated: 

May 21, 2025

US prosecutors have filed a case against the self-styled head of a purported blockchain firm, Amalgam, for his alleged involvement in wire fraud.

$1 Million Crypto Swindle Involving ‘Sham Blockchain’ Scheme

Jeremy Jordan-Jones engaged in a scheme to defraud investors of over $1 million by misrepresenting his company and its partnerships. Per the DOJ release, he used investors’ money to fund a lavish lifestyle.

“Jordan-Jones’s alleged blatant lies funded his personal lifestyle at the expense of unknowing victims,” said Christopher Raia, FBI assistant director.

The prosecutors noted that he falsely claimed that Amalgam had lucrative high-profile partnerships with major-league sports teams and prominent payment-processing platforms.

He also made misleading statements regarding the blockchain firm’s financial condition, they added.

“He touted his company as a groundbreaking blockchain startup, backed by high-profile partnerships,” said U.S. Attorney Jay Clayton. “In reality, Jordan-Jones’s company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle.”

Founder Touted Fake Amalgam Crypto Token Listing

Additionally, Jordan-Jones solicited investments by promising that the money would be used to initiate the listing of Amalgam’s crypto coin. He also promised to use the investors’ money for hardware, software, and other expenses associated with the Amalgam’s operations.

Further, he submitted falsified financial statements to a bank, the release read.

The FBI warned users that fraudsters often use the “promise of new technology to cloak their schemes.” Last month, the Bureau had recorded a staggering $9.3 billion in losses to crypto-related fraud, scams and extortion.