The Department of Justice and Securities and Exchange Commission have charged 26-year-old Nathan Gauvin, alleging he gained a following on the social platform Discord by falsely claiming to be a successful investment professional, raising millions that he claimed to invest in a mix of crypto and traditional assets while actually spending the money on luxury goods, jewelry and personal credit card bills. (The Logic)

Talking point: Raising money from investors and spending it on personal expenses instead is a type of scam that isn’t exclusive to crypto, but has played out repeatedly in the sector. Aiden Pleterski, Ontario’s self-styled “crypto king,” will appear in court in October 2026 after allegedly defrauding investors of $40 million and spending their money on luxury cars, vacations and a lakefront mansion. Gauvin, who was arrested in London Wednesday, graduated from Sudbury, Ont. high school Lockerby Composite and dropped out of Laurentian University, the Sudbury Star reported.