Four years after the collapse in the market for NFTs, the crypto world is still reckoning with the fallout. The latest example came on Wednesday when the Department of Justice indicted a man on securities and wire fraud charges for allegedly orchestrating a $10 million cryptocurrency scheme through his crypto startup, Few and Far.
The Justice Department alleges that, instead of using the funds received from investors to build out the project, Few and Far founder Taj Tarsha personally pocketed the money, gambling it away at online casinos, building his personal crypto portfolio, purchasing a luxury Miami condominium, and financing a personal DJ hobby. According to the indictment, despite the investments it received, the project never produced a functional product.
Tarsha founded Few and Far in March 2022, marketing it as a decentralized, online marketplace for non‑fungible tokens or NFTs, which are unique digital assets that come with blockchain-based proof of ownership. In the case of Few and Far, Tarsha said investor funds would be used to build that marketplace on the NEAR blockchain, along with the proprietary FAR token, which he told holders they could eventually trade on crypto exchanges or stake for annual percentage returns of up to 427%.
According to the indictment, Tarsha instead sold 95 million of these tokens to at least 67 investors through investment contracts in which they paid money upfront in exchange for the promise of receiving digital tokens at a later date, raising more than $10 million for an asset that did not yet exist.
The incident took place as the crypto industry was riding the last wave of the NFT boom, a period of intense demand for digital collectibles. Around the time Few and Far launched, the global NFT market was worth several billion dollars, with celebrities like Snoop Dogg and Justin Bieber and brands such as Nike and Coca‑Cola rushing to launch their own NFTs.
The NFT boom, however, quickly revealed itself as a bubble. Trading volumes soon collapsed amid widespread scams, weak consumer protections, and limited real‑world use. By the end of 2022, NFT trading volumes had fallen roughly 95% from their early-year peak.
The FAR token finally debuted more than two years after the company was founded. Since its debut, FAR’s value fell over 99%, and the token now trades at nearly zero.
The cash grab
Even before founding Few and Far, Tarsha described the NFT market as a “bubble,” while still highlighting its potential to offer profit opportunities. According to the indictment, shortly after creating Few and Far, Tarsha called it “the last [company] I have in me,” “the last juice I have to squeeze,” and a “magic ticket to a 10-30M exit” within 18 months of launch.
A month before Few and Far went live, Tarsha began soliciting investments through a strategic token sale, announcing fundraising targets in the millions of dollars. Although Few and Far had two other cofounders besides Tarsha, he held all of the company’s equity through a Panamanian entity he owned, giving him sole control over the project.
Within weeks of receiving investor funds, Tarsha allegedly awarded himself a $360,000 annual salary, which he refused to cut even as he acknowledged the company was generating “virtually zero revenue.” The indictment further alleges that he siphoned hundreds of thousands of dollars to personal wallets to gamble at an online casino and support his personal DJ hobby. Investigators say he also used investor money to pay a personal tax bill, take nearly a $1 million loan from the company treasury to buy a luxury Miami condo, cover interior design services for the new residence, and pocket $600,000 in company bonuses.
If found guilty, Tarsha could face a significant prison sentence and be forced to give up anything bought with the money taken from investors.