SEC concerns about Debt Box’s owners fleeing to Dubai have apparently materialized, coinciding with an alleged $400 million exit-scam. News of the company’s founders relocating to Dubai surfaced in April, raising immediate red flags about offshore laundering and evasion of U.S. authorities.
Fortune reported on July 24th that what appears to be an elaborate exit-scam ruse dates back to March. According to a police report obtained by Fortune, Draper, Utah police responded in early June to a reported abduction of Jason Anderson. His brother, Jacob Anderson, told officers that Jason had traveled to Dubai for a business meeting on March 1. Upon attempting to depart, Jason’s passport was flagged, and he was reportedly taken by airport staff to a back room.
Jacob Anderson stated his brother was then driven four hours to a hotel room locked from the outside. Two of Jason’s business partners, Brannon and Nelson, allegedly held him for two weeks, engaging in what the report vaguely describes as "mental torture" until Jason agreed to relinquish control of Debt Box and approximately $400 million. He also allegedly attested to owing an additional $90 million to unknown parties in Dubai. Jason Anderson reportedly managed to send a message to his brother via an internet-connected television remote.
The timeline presents inconsistencies. The alleged kidnapping occurred in March, yet Jacob Anderson did not file a report until June. Fortune’s reporting indicates that the Utah officer investigating the claim contacted the FBI, who stated that agents in Dubai were already aware of the situation. Dubai police visited Jason Anderson at his hotel and found no evidence of a kidnapping. They confirmed an active criminal case in Dubai against Anderson prevented him from leaving the country.
Further complicating the narrative, Jason Anderson appeared in YouTube promotional videos throughout June 2024, discussing plans to relaunch Debt Box. Attempts by Fortune to solicit additional information from U.S. authorities proved unsuccessful. However, they did reach Brannon and Nelson’s attorney, who claimed his clients had no knowledge of Jacob Anderson’s police report and denied all kidnapping allegations.
Dubai has become a notorious hub for cryptocurrency-related fraud, with local authorities often perceived as lenient towards such activities. Funds transferred to Dubai are frequently considered lost, laundered, and irrecoverable by international law enforcement.
Currently, approximately $400 million in investor funds is unaccounted for. Most of Debt Box’s principals have relocated to Dubai, with the sole principal remaining in the U.S. appearing to be the primary proponent of the kidnapping claim.