Prosecutors allege Taj Tarsha diverted investor capital for gambling and personal use instead of developing an NFT marketplace.
Federal prosecutors in Manhattan charged Few and Far founder Taj Tarsha with securities and wire fraud after alleging he misused $10 million raised from investors. The funds, intended for an NFT marketplace, were reportedly diverted to online gambling, crypto trades, and personal expenses.
Tarsha raised the capital from 67 investors starting in February 2022 via Simple Agreements for Future Tokens (SAFTs), promising 95 million FAR tokens. An internal audit in June 2023 uncovered the alleged misconduct, and the FAR token later collapsed and halted trading in May 2024.
The case highlights risks in early-stage crypto fundraising, where regulatory oversight remains limited. Investors face potential losses as the token’s value evaporated following the charges.