Token

BLAZAR

Elon Musk

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 <p>John DeSalvo, a former New Jersey corrections officer, was charged by the Securities and Exchange Commission with devising two ”brazen” crypto fraud schemes that targeted police officers and first responders.</p> 
 <p>He falsely promised huge returns to obtain hundreds of thousands of dollars from unsuspecting investors, said US Attorney Philip R. Sellinger.</p> 
 <p>In one scheme, DeSalvo is alleged to have targeted law enforcement and first responders to invest in a digital token that he falsely claimed was SEC-approved and listed on cryptocurrency exchanges.</p> 
 <p>In the other, he is alleged to have obtained investments by promising extraordinary rates of return.&nbsp; Once DeSalvo got the funds, he is alleged to have spent it on himself, paying personal expenses and funding his own investments.</p> 
 <p>Sellinger said his office intends to “prevent him from potentially victimizing anyone else.”</p> 
 <h2 id="the-blazar-token-fraud">The Blazar Token Fraud</h2> 
 <p>According to the complaints filed, John DeSalvo came up with a crypto asset known as Blazer, which was marketed towards police, fire personnel, EMTs and first responders as a “crypto pension” to enhance returns.</p> 
 <p><img decoding="async" class="aligncenter size-full wp-image-432632" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201144%20427'%3E%3C/svg%3E" alt="Blazar Fraud" width="1144" height="427" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 1144w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 768w" data-lazy-sizes="(max-width: 1144px) 100vw, 1144px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp"> 
  <noscript> 
   <img decoding="async" class="aligncenter size-full wp-image-432632" src="https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp" alt="Blazar Fraud" width="1144" height="427" srcset="https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 1144w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/27c06e8a321f2ac5efc62b0271eb22cb.webp 768w" sizes="(max-width: 1144px) 100vw, 1144px"> 
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 <p>By promising “more stability than any other token,” DeSalvo roped in investors by guaranteeing that the value of Bazaar will increase over time.</p> 
 <p>On the official X (formerly known as Twitter) page, DeSalvo continuously updated his prospective investors about the token. On May 1 last year, DeSalvo claimed that Blazar had gone live on CoinGecko, followed by a tweet stating that an application had been submitted to CoinMarketCap to list the token.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">BLAZAR Token is OFFICIALLY on COINGECKO !!!https://t.co/ZQpw7eQmrs</p> 
  <p>— BLAZAR Token (@BlazrToken1) May 1, 2022</p> 
 </blockquote> 
 <p></p> 
 <p>Many claims were made through these tweets, including offering a fixed APY of 158,893%.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Earn the Highest Return EVER GUARANTEED Contractually !!</p> 
  <p>What if I told you that you<br>Can earn 158,000% Yield<br>Per year ?? Well it’s True. They compound your interest every 30 minutes . I didn’t believe it either. Use this link and sign up https://t.co/QagziuBJzr pic.twitter.com/l1oDUqo6sf</p> 
  <p>— BLAZAR Token (@BlazrToken1) March 15, 2022</p> 
 </blockquote> 
 <p></p> 
 <p>DeSalvo claimed that major cryptocurrency exchanges had listed the tokens.&nbsp;Blazar raised $620,000 from 200 investors. DeSalvo sold 41 billion of his own Blazar tokens on PancakeSwap, worth $51,000 at the time, while barring other investors from selling their own tokens.</p> 
 <p>“DeSalvo’s massive volume of sales put downward pressure on Blazar’s trading price and drained PancakeSwap of the majority of its liquidity in the investment,” said the SEC.</p> 
 <p>As a result, Blazar lost 99.9% of its total value in two weeks, causing massive losses to investors.</p> 
 <p>According to an SEC complaint, the corrections officer used this money on personal expenses, trading volatile assets, and making payments to prior investors.</p> 
 <p>SEC seeks a permanent injunction on DeSalvo to stop him from engaging in any crypto-related activities. The Commission is also seeking civil penalties against the corrections officer.</p> 
 <h2 id="the-brokerage-1-fraud">The Brokerage 1 Fraud</h2> 
 <p>The documents filed in the case also claim that using the same social media marketing techniques, DeSalvo managed investment in Brokerage-1, an online trading platform, from January 2021 to May 2021.</p> 
 <p>He falsely claimed to be an investor, saying, “I have been averaging close to 1200% over the last 2 years. I am in the top 1,000<sup>th</sup>&nbsp;percent in the world. That’s the truth, the return rates I have been averaging are so high that I have people throwing money at me to invest.”</p> 
 <p>By doing so, he managed to rope in 20 individuals who collectively invested $100,000 into the online trading platform. Once the customer deposited the funds, he transferred them into his account in Brokerage-1 and his Coinbase account.</p> 
 <p>DeSalvo told investors their funds had been lost because of volatile market conditions.</p> 
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Former New Jersey Corrections Officer Charged with ‘Brazen’ Crypto Fraud Schemes

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