TALLAHASSEE, Fla. (WCTV) – South Georgia officials are warning residents about a cryptocurrency scam that has impacted dozens of victims across the region.
Officials with the South Georgia Judicial system say they are leading the investigation, alongside investigators at the Decatur County Sheriff’s Office. So far, they’ve identified at least 82 victims, including 22 in Southwest Georgia.
Assistant District Attorney Christopher Quinn told WCTV the cryptocurrency involved, called XUSD, was promoted on a website that has since been taken down. Investors were told it would launch within a month and immediately double in value.
Quinn says the claims about the company’s assets should have been a red flag.
“This cryptocurrency, the level of assets was so astronomical that that should have been a red flag. In the math that we have done to reach the level of assets that this coin claims to be backed by would take about 800 people with the same amount of wealth as Elon Musk,” said Quinn.
He says the main people involved were indicted in May 2025 and arrested in different parts of the country, including one arrest in Panama City. After those arrests, Quinn says his office was flooded with calls and emails from people who believe they may have invested in XUSD.
So far, investigators have received more than 100 emails from people in 17 states and five countries, including several from Florida.
“It is relatively new to the world, and if you’re talking about something that people are selling to you as a security, kind of like a stock or bond, you would do your due diligence on that, and you would also want to do your due diligence here because there are nefarious actors out there,” said Quinn.
Quinn says it’s crucial to watch for red flags like pressure to invest immediately and claims of limited-time offers. He stresses that doing your homework is critical. If you don’t understand how an investment works, find someone who does. Get informed before you invest.
Quinn added, “Urgency or demand for investment immediately like this is really only for today, only till the end of the week, or another red flag that we’ve seen is every single one of the people that emailed us, they have said that they were told this is the friends and family discount.”
To date, Quinn says XUSD has never been released to the market. If you believe you may be a victim or invested in XUSD in the past six years, you’re urged to contact law enforcement at XUSD.TIPS@BAKERSO.ORG.
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