Wilmington businessman leads lawsuit over alleged $60M crypto fraud

WILMINGTON, N.C. (WECT) - A Wilmington businessman and his local electric company are leading a proposed nationwide class-action lawsuit against a cryptocurrency fund, alleging that a lack of financial safeguards allowed an insider to loot nearly $60 million in investor assets.

The lawsuit, filed June 19 in New Hanover County Superior Court, accuses Quantum Blocks Capital, LP (QBC) and its management of promoting a “professionally managed” fund while giving a single manager “inadequately supervised” control over millions of dollars.

Caleb Hobbs and Wilmington-based Hobbs Electric LLC claim they personally invested at least $2.45 million in digital currency (USDC) between December 2024 and September 2025. According to the complaint, managers Jason A. Williams and Domenico Grillo personally solicited the investments, promising twice-yearly returns of 10% to 20% powered by an AI-driven Bitcoin trading program called “Logic” and diversified real-estate allocations.

Instead, the lawsuit alleges investor funds were routed through cryptocurrency exchanges Kraken and Binance directly into the hands of QBC manager Clive Smith, who operated without board oversight or dual-authorization controls.