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The notorious crypto scammer behind the Cryptsy and Altilly exit scams has resurfaced under a new identity. This time, he operated as “Karl” from Xeggex, another fraudulent exchange that has now collapsed. Thanks to the efforts of the crypto community, he appears to have finally been tracked down—despite the FBI and U.S. authorities failing to bring him to justice.
Paul Vernon, also known as "Michael O’Sullivan" or Karl, has a long history of crypto fraud:
Xeggex started as a seemingly legitimate exchange, offering free listings to attract users. However, things took a turn when:
Now, Vernon is erasing traces of himself.
Investigators have located his mansion in Dalian, China. He is reportedly using fake passports from Ecuador and Vanuatu under the name Michael O’Sullivan. The FBI and U.S. Marshals have been informed, and discussions with U.S. authorities are underway.
🔗 Full Investigation & Evidence (Live Updates):
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The fight against crypto fraud continues—let’s make sure Vernon doesn’t escape justice again. This time we cannot let him escape and continue the cycle of fraud and theft without punishment, destroying the lives of many people.
All but one of the 17 charges against Vernon carry maximum prison sentences of 20 years, according to the indictment, which has been embedded at the end of this article.
miaminewtimes.com/news/cryptsy-paul-vernon-stole-millions-cryptocurrency-13799886