At least 22 people in south Georgia have lost millions of dollars in a cryptocurrency scam involving XUSD, an asset-backed coin that failed to launch as promised. Authorities are investigating potential additional victims across the region, the US, and internationally. Investors were assured the coin would double in value shortly after January 2025.
The South Georgia Judicial Circuit announced on March 3, 2026, that 22 individuals from the area had invested millions into XUSD, promoted as the first asset-backed cryptocurrency. According to the announcement, promoters told investors the coin was on the verge of release and would launch within a month of January 2025, immediately doubling in value. To date, XUSD has not entered the market.
The investigation involves District Attorney Joe Mulholland's office, along with the Baker County Sheriff's Office and Decatur County Sheriff's Office. Officials believe there may be hundreds more victims in south Georgia, north Florida, other parts of the country, and abroad.
Anyone who invested in XUSD or similar asset-backed cryptocurrencies in the past year is urged to contact authorities at XUSD.TIPS@BAKERSO.ORG. The South Georgia Judicial Circuit stated, “The South Georgia Judicial Circuit remains committed to protecting the public and pursuing accountability in cases involving financial fraud.”
This case highlights ongoing risks in cryptocurrency investments, where promises of quick returns often lead to significant losses when projects fail to materialize.
