The founder of a scheme called Bitcointopia to sell land in the U.S. state of Nevada to bitcoiners has admitted in a federal court that some land was not his to sell. Previously arrested for selling BTC to an undercover agent through Localbitcoins, he also pleaded guilty to running an unlicensed money transmitting business.

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Bitcointopia Founder Admits Fraud

Morgan Rockcoons, a former Localbitcoins trader who was previously arrested for selling BTC to a U.S. federal agent, has reportedly pleaded guilty to perpetrating a scam selling land that he does not own.

The scheme, known as Bitcointopia, involved the sale of plots of land in the Nevada desert where Rockcoons advertised a vision of libertarians living together using only cryptocurrencies and observing as few laws as possible. The Los Angeles Times reported that Rockcoons pleaded guilty to several charges on Thursday in San Diego federal court, elaborating:

He sold land he never…

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