According to CoinMeta, as announced by the U.S. Department of Justice on October 7th, the founder of meme Kishu Inu, Alexander Sisemore (also known as Kishu Man), has been indicted by a federal grand jury in Chicago on three counts of telecommunications fraud for allegedly committing a fraud worth approximately $9 million. The prosecution alleges that before the issuance of Sisemore in 2021, Sisemore and another co-founder secretly obtained about 6% of the token supply each, yet they claimed to investors that the project was a fair issuance and that no tokens were reserved for the team. Subsequently, the two secretly sold the tokens, making profits of about $9 million and $800,000 respectively. The market value of Kishu Inu once exceeded $1.6 billion. Each charge faced by Sisemore carries a maximum penalty of 20 years in prison; he has not yet been convicted.