U.S. federal prosecutors have indicted Few and Far founder Taj Tarsha, alleging he raised more than $10 million from 67 investors and then misused the funds on gambling, cryptocurrency purchases, and personal expenses. The NFT project’s FAR token later plunged more than 99% from its peak. The U.S. Department of Justice (DOJ) announced the action on Aug. 5.
Founder Indicted Over $10 Million NFT Marketplace Raise
According to prosecutors, Tarsha solicited more than $10 million to build and grow Few and Far, an NFT marketplace project. Investigators allege a significant portion of the money raised was diverted away from business development and instead spent on activities unrelated to the project.
Alleged Misuse of Investor Funds
Prosecutors claim Tarsha used investor capital for gambling, personal expenses, and crypto trading rather than for the stated purpose of advancing the marketplace. The indictment follows a months-long inquiry into how funds were handled after the raise.
FAR Token Collapse
Following the alleged misconduct and ensuing scrutiny, the project’s native FAR token fell more than 99% in value. The sharp decline underscores the risks investors face when token valuations are closely tied to management conduct and project execution.
Case Status
The charges announced by the DOJ on Aug. 5 mark the latest enforcement action targeting alleged fraud in the digital asset sector. Tarsha is presumed innocent unless and until proven guilty in court. Further details on court proceedings and potential penalties were not immediately available.