Homeland Security Investigations (HSI), a premier federal law enforcement agency within the U.S. Department of Homeland Security (DHS), announced Monday that its New York task force has charged Michael Lauchlan for operating a fraudulent cryptocurrency recovery business, Coin Dispute Network (CDN), which scammed customers out of their ethereum (ETH) under false pretenses.
Homeland Security Investigations (HSI) has charged Michael Lauchlan for operating a fraudulent cryptocurrency recovery business, Coin Dispute Network (CDN), which scammed customers out of their ethereum (ETH).
HSI announced Monday that its New York task force has charged Lauchlan with the crime. He was arrested in Las Vegas last month.
According to HSI, Lauchlan’s scheme involved convincing clients he could recover lost cryptocurrencies for a fee, but instead, he pocketed the fees and extracted more ethereum from at least three victims. He used fake blockchain tracing reports to support his fraudulent claims.
“Michael Lauchlan allegedly exploited his customers’ lack of experience with the cryptocurrency industry and in turn fleeced them out of thousands of dollars in sham services and stolen assets,” said HSI New York Special Agent in Charge Ivan J. Arvelo.
“Today, his alleged false promises and shady business dealings have caught up with him.”
Between July 2022 and June 2023, CDN, under the guise of offering blockchain analysis and recovery services, duped customers into paying upfront fees. Lauchlan, using the alias “Max Handler,” claimed to be the vice president and chief recovery officer of CDN. The website was filled with fake testimonials and news articles to build credibility. Despite numerous customers paying fees, none successfully recovered their cryptocurrency.
The investigation identified approximately $14,000 in cryptocurrency transferred to Coinex. Lauchlan’s arrest was made possible by the coordinated efforts of HSI’s Las Vegas Field Office and U.S. Customs and Border Protection.
What do you think about Michael Lauchlan’s cryptocurrency recovery scam? Let us know in the comments section below.
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