Crypto Founder Accused of Stealing $10M for Casino Trips

Four years after the NFT market's collapse, the crypto world faces ongoing repercussions. On Wednesday, the Department of Justice indicted Taj Tarsha, founder of the crypto startup Few and Far, on securities and wire fraud charges. The indictment alleges he orchestrated a $10 million cryptocurrency scheme, diverting investor funds for personal use.

Few and Far was launched in March 2022 as a marketplace for non-fungible tokens (NFTs) on the NEAR blockchain, promising a proprietary FAR token with high staking returns. However, Tarsha allegedly sold 95 million FAR tokens to at least 67 investors, raising over $10 million for an asset that did not exist. The indictment claims these funds were used for online casino gambling, building a personal crypto portfolio, purchasing a Miami condo, and financing a DJ hobby, with the project never yielding a functional product.

The incident occurred during the peak of the NFT boom, a period of intense demand for digital collectibles. Despite describing the NFT market as a "bubble," Tarsha allegedly saw it as a profit opportunity, referring to Few and Far as a "magic ticket to a 10-30M exit." The FAR token eventually debuted over two years after the company's founding, but its value has since plummeted by over 99%, trading near zero. This case highlights the continued fallout from the NFT bubble, which burst due to scams, weak consumer protections, and limited real-world utility.