By CCN.com: The Federal Trade Commission (FTC) has launched legal action against a serial crowdfund scammer who used his ill-gotten gains to buy Bitcoin. Douglas Monahan promised consumers a ‘high-tech’ backpack known as the iBackPack, but failed to deliver the product after raising over $800,000. After allegedly scamming Indiegogo users of $720,000, Monahan staged three more crowdfund campaigns to take his total bounty to $0.8 million. iBackPack ‘Creator’ Shut Down by Federal Trade Commission The investigation against Monahan was inadvertently revealed last year when an FTC agent’s private email exchange was made public. On May 6th, the FTC took action

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