The story of crypto fraudsters GGS Partners has been all over the headlines lately. The company, formerly known as GGS Holdings, and its executives were accused of defrauding hundreds of crypto investors in what’s been described as a “multimillion-dollar metaverse scheme.” In brief, GGS schemed to recruit investors into its startup venture, the Metaverse, with the promise of making their investments tenfold. In reality, the company had no technology to back up its promises and instead cashed out for personal use.
It was reported that the GGS Group had raised around $25 million from investors who were promised huge profits for their investment. These investments were made to create the Metaverse – a digital world with a virtual economy. The company promised investors that it would turn their investments into millions in just a few months.
Unfortunately, these “millions” never materialized as the company had no technology to support its promise. Instead, GGS Partners siphoned off the funds and used them for personal gratification. The company’s founders – Steven Delos, Chris Kinch, and Adrian Stang – were accused of securities fraud, wire fraud, and other felonies. All three have since been sentenced to prison terms and have been ordered to pay back restitution to victims.
