The recent crypto bull run might have fattened the wallets of many industry players, but you can bet that Ol’ Saint Nick is ready to stuff some coal in those stockings this holiday season.
From shady founders to downright fraudsters, several key players in the crypto scene have made their way onto Santa’s “Naughty List” for 2024.
Here’s a rundown of Decrypt’s top picks for the seven naughtiest characters in crypto this year:
Hawk Tuah Girl (Hailey Welch)
Internet sensation Hailey Welch, known as the “Hawk Tuah” Girl, skyrocketed to fame earlier this month with the launch of her HAWK meme coin.
However, her debut took a nosedive shortly after, as investors raised eyebrows over claims that the token sale bore all the red flags of an insider scam.
Savvy traders noted that her team controlled a staggering 80-90% of HAWK’s supply at launch, raising serious concerns about potential price manipulation.
While the HAWK token initially boasted a jaw-dropping $490 million market cap, its value plummeted to a mere fraction within hours of launch.
In the wake of the fallout, a law firm has sued her business partners, prompting Welch to emerge from a two-week social media blackout to assert that she’s cooperating with legal counsel and claiming she isn’t to blame for the chaos.
Ryan Selkis
Messari founder Ryan Selkis has stirred the pot in the crypto community, drawing criticism for his controversial remarks and antics.
From slamming his political rivals to suggesting another U.S. civil war, Selkis’ provocative commentary prior to the 2024 presidential election clashed with efforts by others to foster a positive image for the evolving digital assets sector.
His fiery posts on X (formerly Twitter) ultimately led him to part ways with Messari as tensions escalated. Though he got what he wished for with Donald Trump’s re-election, his methods landed him firmly on Santa’s naughty list this year.
Jonathan and Tanner Adam
You may not recognize the names Jonathan and Tanner Adam, but their alleged misdeeds have certainly caught the attention of both Santa and the SEC.
These brothers reportedly orchestrated a Ponzi scheme that defrauded over 80 investors of an astonishing $60 million. They lured victims with promises of a lending pool to fund “flash loans” for lucrative arbitrage trades, supposedly powered by an advanced trading bot.
However, the SEC charges claim that this lending pool was nothing but smoke and mirrors, with the brothers reportedly using the funds to fuel their extravagant lifestyles—spending nearly half a million dollars on luxury vehicles alone.
Gary Gensler
Meet Gary Gensler, the much-maligned SEC chairman who has led the charge against the crypto industry during the Biden administration.
Under Gensler, the SEC adopted a “regulation-by-enforcement approach, leading to a historic surge in lawsuits against major crypto firms like Coinbase, Kraken, and Binance.US.
In 2023 alone, the SEC initiated an astounding 46 crypto-related enforcement actions—a staggering 53% increase from the previous year, marking a record high for the agency since 2013. However, much of that may soon be irrelevant, as Gensler plans to resign come January with Trump taking office. It’s safe to say that most in the crypto world won’t shed a tear at his departure.
Eli Regalado
Pastor Eli Regalado allegedly hoodwinked devoted members of his Denver church out of over $3 million through the sale of a dubious token known as INDXCoin, according to the Colorado Division of Securities. Regalado, however, claims he isn’t the sole culprit, arguing that the Lord made him do it.
Whether divine intervention played a role or not, one thing is certain: Regalado was living large off his followers’ hard-earned cash. He reportedly splurged on luxury homes and other extravagant items using the profits from INDXCoin’s sale, as outlined in charges from the Colorado Securities Commissioner filed earlier this year.
Craig Wright
They say imitation is the sincerest form of flattery, but when it comes to Craig Wright’s claims of being Bitcoin’s creator, it’s a different story entirely—one that could land him in hot water.
In the case of the Crypto Open Patent Alliance (COPA) against Craig Wright, he was found guilty of falsely claiming to be the notorious Bitcoin inventor Satoshi Nakamoto. A U.K. court also determined that there was “overwhelming” evidence proving that Wright fabricated documents and lied under oath during the proceedings. After years of drama, this saga has rightfully earned him a spot on Santa’s naughty list.
Sahil Arora
Crypto influencer and celebrity handler Sahil Arora has stumbled from grace with investors—and Santa alike in 2024.
His alleged exploits have raked in between $2 million to $30 million through various celebrity meme coin projects, as reported by blockchain analysts like ZachXBT and crypto data firm Bubblemaps.
To make matters worse, Arora has denied any wrongdoing in an exclusive chat with Decrypt back in May.
So, what’s the secret behind Arora’s apparent fortune? It remains somewhat murky, but multiple celebrities and investors are voicing their concerns.
Caitlyn Jenner recently accused Arora of “scamming” her “big time” by absconding with the proceeds from the JENNER meme coin he helped launch.
R&B star Jason Derulo also launched his own meme coin amid similar allegations against Arora, who later insisted to Decrypt that the situation wasn’t what it appeared to be. He claimed the controversy was merely “orchestrated” and part of a larger “script.”
As if that wasn’t enough, multiple investors accused Arora of pocketing up to $380,000 from the presale of an Iggy Azalea-themed meme coin he launched on Pump.fun earlier this year. After the presale, many investors claimed they never received the tokens they were promised. Meanwhile, substantial funds from the presale wallet appeared to have been moved, according to SolScan data.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
