Kishu Inu founder charged in $9 million 'rug pull' scam, faces 3 counts of wire fraud

BlockBeats news, October 8 — Kishu Inu founder Alexander Sisemore is facing three counts of wire fraud, with prosecutors alleging his involvement in a "Rug Pull" scheme involving approximately $9 million. The U.S. Department of Justice released the relevant indictment information on October 7.

Prosecutors allege that Sisemore and other related individuals secretly allocated tokens to themselves when the Kishu Inu project launched, and while making false statements to investors, attempting to maintain the project's liquidity and drive up the token price, they covertly sold the tokens they had obtained. Prosecutors allege that Sisemore obtained approximately $9 million in personal proceeds through this scheme.

Sisemore is charged with three counts of wire fraud, each carrying a maximum sentence of 20 years in prison. The FBI's Chicago office is currently seeking Kishu Inu investors and leads related to the case.

It should be noted that the above content currently consists of prosecutors' allegations, and the indictment itself does not equate to a guilty verdict. Sisemore is presumed innocent under the law until proven guilty.