Canadian man involved in scams such as encrypted investment schemes on Discord, with involved amounts exceeding $42 million.

Techub News, according to Bloomberg, U.S. prosecutors have charged a Canadian citizen, Nathan Gauvin, with orchestrating a fraudulent scheme that raised over $42 million through false advertising, targeting individual users on the chat application Discord platform, while claiming to invest the funds in traditional finance and cryptocurrency sectors. He used most of the money for investor withdrawals, purchasing luxury jewelry, and paying credit card bills, and also obtained $800,000 in credit from a fintech company through fraud for personal expenses. From May 2022 to October 2024, Gauvin and others lured investors to invest in Gray Digital Capital Management Inc. and its fund, Gray Fund, claiming to offer clients an opportunity to invest in a fund blending TradFi and DeFi. He misrepresented his qualifications, the company's asset performance, presented falsified account statements, and once claimed that Gray Fund achieved a return rate of 4384%.

 

Authorities arrested Gauvin in the UK on Wednesday, and it is currently not possible to immediately identify his private attorney. The U.S. Securities and Exchange Commission (SEC) has also filed similar securities fraud charges, alleging that Gauvin lied to and submitted false documents to the regulator when the investigation began.