Co-founder of DEBT Box Alleges Brother’s Kidnapping and $400 Million Theft

Jacob Anderson, an executive at the mining company DEBT Box, has alleged the kidnapping of his brother and co-founder, Jason Anderson. This was reported by Fortune.

According to available information, in March 2024, Jason Anderson was attending a business meeting in Dubai but was unable to leave the UAE. After interacting with airport staff, he was taken to a hotel room where he was held for two weeks. Jacob claims that two of their partners at DEBT Box, Shad Brannon and Roydon Nelson, were behind the kidnapping. The former holds the position of president, while the latter is a director and holds several other posts.

Under “psychological pressure,” they allegedly forced Jason Anderson to transfer control of the mining firm and over $400 million to them. They also coerced him into admitting he owed some “people” in Dubai an additional $90 million. The abducted brother managed to inform Jacob of the situation through an internet-connected television in the room.

The alleged crime is under investigation by Utah state police.

According to the FBI, Dubai law enforcement visited Jason Anderson in the hotel and found no signs of kidnapping. Additionally, the agency reports that a criminal case has been filed against the businessman in the UAE, which is why he could not leave the country. Meanwhile, the U.S. Embassy in Dubai reportedly advised Anderson on obtaining a new passport.

Moreover, the DEBT Box co-owner appeared in a YouTube interview dated late June—three months after the alleged kidnapping—where he discussed plans to resume the company’s operations.

The attorney for Brannon and Nelson denies any kidnapping allegations against their clients.

Another business partner of the brothers, speaking on condition of anonymity, told Fortune that despite inconsistencies in the story, Jacob Anderson continues to insist on Jason’s kidnapping and that the company’s funds are frozen.

In August 2023, the SEC accused DEBT Box (Digital Licensing Inc.) of fraudulently raising $50 million in cash, as well as undisclosed amounts in Bitcoin and Ethereum. The regulator urgently froze the company’s assets and took action against four of its executives and 13 other defendants.

In December, the court found that the agency’s lawyers misled it in an attempt to block DEBT Box’s funds. During the proceedings, the mining firm was able to refute the SEC’s claims of transferring investors’ money outside the U.S.

In May 2024, the regulator withdrew the lawsuit and obtained a court order for the company to pay $1.8 million in costs.