Ormeus Coin Hack

John and JonAntina (Tina) Barksdale, the founders of the cryptocurrency project Ormeus Coin, have been charged with fraud by the SEC for allegedly deceiving investors and misrepresenting their mining operations, resulting in $124 million in losses for investors.

John and JonAntina (Tina) Barksdale created the cryptocurrency Ormeus Coin, which they promoted through various channels, including crypto exchanges, roadshows, and YouTube. The SEC alleges that the siblings made false claims about their mining operations, stating that Ormeus Coin had a $250 million crypto-mining operation and was generating millions of dollars in mining revenue every month when in reality the operation was generating less than $3 million in revenue. The SEC filed charges against the Barksdales for violating federal securities laws, and the siblings are facing potential prison sentences of between 5 and 20 years.

The charges seek injunctive relief, disgorgement plus interest, and civil penalties. The Attorney’s Office for the Southern District of New York has also filed separate criminal charges against John Barksdale.