A former TikTok crypto influencer has been forced to forfeit a gold physical bitcoin and more than $17,000 in cash after pleading guilty to wire fraud, aggravated identity theft, and money laundering charges.
TikTok star splurged stolen cash on crypto
Denish Sahadevan, also known as Danny Devan on social media, reportedly ran an elaborate scheme through which he defrauded lenders and the Small Business Administration (SBA) of over $1.2 million in funds from the Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL).
The U.S. Attorney’s Office for the District of Maryland made the revelations in a May 31 statement, which claimed Sahadevan laundered the proceeds of his fraudulent activities by engaging in various monetary transactions, including buying and trading securities and cryptocurrency.