Share this article
Titanium Blockchain CEO Pleads Guilty in $21M Securities Fraud Case
Michael Stollery admitted to carrying out a fraudulent initial coin offering in 2018.
By Cam Thompson
Updated May 11, 2023, 6:50 p.m. Published Jul 25, 2022, 9:02 p.m.
Michael Stollery, CEO of Titanium Blockchain Infrastructure Services, has pleaded guilty to carrying out a fraudulent initial coin offering that raised $21 million from U.S. and overseas investors, according to a press release from the U.S. Justice Department.
- According to court documents, Stollery didn't register his ICO with the SEC, as he was required to, nor did he have an exemption from those requirements. He admitted to forging the token’s white paper as well as user endorsements of the coin on its site, creating a facade of legitimacy.
- He also acknowledged that rather than investing his clients’ money, he used at least a part of the funds for his own credit card payments and to pay bills on his vacation home in Hawaii.
- Stollery and his company were originally charged with securities fraud in May 2018.
- Stollery faces up to 20 years in prison on the count of securities fraud, and is scheduled to be sentenced on Nov. 18.
Read More: My Big Coin Founder Convicted of Defrauding Investors of More Than $6M
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
PayPal to use PYUSD stablecoin fund AI infrastructure through USD.AI
The move links PayPal’s dollar-pegged token to onchain funding for GPUs and data centers, supported by a $1 billion customer incentive program.
What to know:
- PYUSD will be used to support USD.AI’s onchain financing for AI infrastructure, including GPUs and data centers.
- A one-year incentive program will offer 4.5% yield on up to $1 billion in customer deposits.
- The development highlights growing demand for programmable dollar settlement as AI infrastructure spending accelerates.
Top Stories
