Four years after the collapse in the market for NFTs, the crypto world is still reckoning with the fallout. The latest example came on Wednesday when the Department of Justice indicted a man on securities and wire fraud charges for allegedly orchestrating a $10 million cryptocurrency scheme through his crypto startup, Few and Far.
The Justice Department alleges that, instead of using the funds received from investors to build out the project, Few and Far founder Taj Tarsha personally pocketed the money, gambling it away at online casinos, building his personal crypto portfolio, purchasing a luxury Miami condominium, and financing a personal DJ hobby. According to the indictment, despite the investments it received, the project never produced a functional product.
Tarsha founded Few and Far in March 2022, marketing it as a decentralized, online marketplace for non‑fungible tokens or NFTs, which are unique digital assets that come with blockchain-based proof of ownership. In the case of Few and Far, Tarsha said investor funds would be used to build that marketplace on the NEAR blockchain, along with the proprietary FAR token, which he told holders they could eventually trade on crypto exchanges or stake for annual percentage returns of up to 427%.
