Sec Charges Former Corrections Officer for Role in Bizarre Crypto Scam

Important Points:

1. John A. DeSalvo, a prominent figure in the cryptocurrency industry, has been accused of soliciting funds from police officers for an Initial Coin Offering (ICO). This alleged act raises concerns about the ethical practices within the crypto community and the potential exploitation of law enforcement personnel.

2. Furthermore, DeSalvo is also accused of orchestrating a “pump and dump” scheme on PancakeSwap, a decentralized exchange platform. This fraudulent practice involves artificially inflating the price of a cryptocurrency and then selling it at the peak, causing significant losses for unsuspecting investors.

3. The allegations against DeSalvo highlight the need for stricter regulations and oversight in the cryptocurrency market. It is crucial to protect investors from fraudulent activities and ensure the integrity of the industry as a whole.


John A. DeSalvo’s alleged actions of soliciting ICO money from police officers and orchestrating a pump and dump scheme on PancakeSwap are concerning for the cryptocurrency community. These accusations shed light on the ethical challenges and potential exploitation within the industry. The incident emphasizes the importance of implementing stricter regulations and oversight to safeguard investors and maintain the integrity of the cryptocurrency market.