Tag: crypto fraud

Nov 24 2022

Estonian Police Arrests Two Scammers In $575 Million Scheme

The crypto industry has seen massive growth in recent years. And since the mainstream adoption accelerated, cybercriminals and scammers also ramped up their efforts to deceive innocent users in crypto. As a result, the global law enforcement sector also turned on its toes to combat bad actors laundering money. This time, Estonia Police made headlines by arresting two crypto fraudsters defrauding investors of...

Nov 01 2022

South Korean lawmakers plan to toughen crypto fraud penalties

Nov 01 2022 Published at Coinscreed under tags  crypto fraud fsc news south korea

South Korean lawmakers plan to tighten crypto regulations and toughen the penalties for unethical commercial practices in the sector with a focus on protecting investors in virtual assets, such as digital currencies. Local media reports that the South Korean Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would […] The post...

Oct 04 2022

Mastercard releases new tool to prevent cryptocurrency fraud

The latest offering from Mastercard enables financial institutions to identify and stop fraud on its network's crypto merchant platforms. On October 3, the financial services company Mastercard introduced a brand-new crypto solution pertaining to risk administration. The goal of Mastercard's new service, Crypto Secure, is to assist banks in identifying and preventing fraud on platforms […] The post...

Sep 21 2022

Hackers Breached Twitter Account Of Oman’s Indian Embassy To Push XRP Scam

Hackers keep trying new ways to loot money in crypto and fiat. This time, scammers hacked a Twitter account of the Indian Embassy in Oman to promote an XRP scam that requires users to click on a phishing link. In order to appear legitimate, the scammers replaced the account profile image with Ripple's CEO, Brad Garlinghouse. Currently, the official Twitter account OmanEmbassy_Ind...

Sep 19 2022

Number Crypto Scams On YouTube Explodes 335% In First Half Of 2022

Crypto scams involving bogus giveaways have grown into a black market industry of sorts with several services designed to support fraudulent activities. Group-IB, a Singaporean cybersecurity company, revealed in a report that the incidence of cryptocurrency frauds involving phony domains, which are used as welcome pages for YouTube fraud streams, skyrocketed in the first half of this year. In the first six months...

Sep 14 2022

Crypto Scam and Investments Duped Over $242 Million In Australia

Since the cryptocurrency grew in the last few years, it also has become the favorite place for fraudsters and cybercriminals to loot money. Per the latest estimates, Australia records significant losses indicating crypto scams are on the rise in the state. According to the stats viewed by the Australian Competition and Consumer Commission (ACCC),...

Sep 11 2022

Crypto Scam: U.S. Senators Ask Mark Zuckerberg What Meta Is Doing To Stop It

Crypto scam is always a pain the neck, especially for these guardians of the law. They want answers and as part of their inquiry, they're turning their attention to the world's 16th wealthiest man. Democratic senators from the United States Senate questioned Mark Zuckerberg, the chief executive officer of Meta, about the company's procedures for combating cryptocurrency fraud. The Washington Post reports that...

Sep 01 2022

Crypto Call Centers Duping People Across Europe Busted By Ukrainian Cops

Crypto scammers come in different shapes and faces. In this part of the globe, they come from call centers -- agents who sweet-talk their targets and steal their money. Since Russia's invasion of Ukraine on February 24 this year, hundreds of soldiers and civilians have been killed by atrocities. In the midst of damage and death, however, scammers take advantage of the circumstance...

Aug 21 2022

Bitcoin Scam Called ‘Pig Butchering’ Grows Alarmingly Popular

There’s a new type of Bitcoin scam and it sounds so bizarre: it’s called “pig butchering” and you definitely don't want to be on the chopping board. As the fraud's name suggests, “pig butchering” refers to how a target is “fattened up” before being "slaughtered." This form of bitcoin scam happens when a con artist recruits victims using social media or dating services...

Aug 13 2022

Brazilian Crypto Platform Halts Withdrawals, Scam Or Hack?

Aug 13 2022 Published at Coingape under tags  crypto fraud crypto scam news

In a shocking revelation, a Brazilian crypto lending company announced halting of withdrawals due to an attack. A company representative of BlueBenx said the company suffered a hack worth...

Aug 08 2022

Just In: Nomad Hack Related Crypto Mixer Sanctioned By U.S. Dept

Aug 08 2022 Published at Coingape under tags  crypto fraud crypto scam news

An office under the U.S. Department of the Treasury sanctioned crypto mixer Tornado Cash for laundering money worth billions. In an announcement made on Monday, the Office of Foreign Assets Control (OFAC) found activities of a...

Aug 01 2022

Breaking: SEC Charges 11 In Huge Crypto Pyramid Scheme Worth $300 Million

Aug 01 2022 Published at Coingape under tags  crypto crypto fraud news

The U.S. Securities and Exchange Commission had on Monday charged 11 individuals for running a huge global crypto fraud. The accused were involved in creating and promoting...

Jun 04 2022

Crypto Scammers Have Drained Over $1 Billion From Consumers Last Year – FTC

Crypto scammers have defrauded more than 46,000 people over $1 billion since the start of 2021, according to a report released by the Federal Trade Commission on Friday. Fraudsters are capitalizing on the increased popularity of acquiring digital wealth quickly. With almost $1 out of every $4 in these frauds paid in cryptocurrency, the FTC research suggests that it has become the preferred...

May 12 2022

Crypto Queen Ruja Ignatova Is Now Europe’s Most Wanted Criminal

Dr. Ruja Ignatova, the infamous "Crypto Queen," is once again in the crosshairs of law enforcement, as German authorities have placed her on Europe's most wanted list. Europol, the European Union Agency for Law Enforcement Cooperation, is offering a reward of 5,000 Euros for information leading to the arrest of Ignatova on fraud charges for soliciting investments in OneCoin, a "worthless money." Ignatova...

May 09 2022

Crypto Pyramid Scam: DOJ Charges Mining Capital Coin CEO In $62M Fraud Scheme

The US Department of Justice charged Mining Capital Coin's senior executive officer with conspiracy to commit a $62 million crypto investment scam. According to the DOJ complaint, Luiz Capuci and unnamed co-conspirators deceived investors over the profit-generating potential of MCC mining packages and a native token called Capital Coin, which was backed by the "largest cryptocurrency mining operation." A complaint filed with the...

Mar 18 2022

Crypto Scams Have ‘Robbed’ Kenyans Of $120 Million Last Year

Crypto scams are victimizing more and more unsuspecting Kenyans. The cabinet secretary of Kenya's Ministry of Information and Technology, Joe Mucheru, announced during a conference addressing the threats to law and order in the country that the past financial year, Kenyans lost almost $120 million to crypto scams. According to reports, Kenyans are being dragged into many of these situations since they don't...

Feb 23 2022

FB Crypto Scammers Now Pretending To Be Elon Musk, Jeff Bezos

Crypto Scammers have popped up in Facebook ads by faking themselves as the world's tech tycoons and giant business executives such as Metaverse' Mark Zuckerburg, Tesla's Elon Musk, and Amazone's Jeff Bezos, to make people put down their money in crypto scams. Today, social media platforms have become the favorite place to target victims in crypto scams. In...

Feb 16 2022

South Korean Crypto Exchange Chief Gets 22 Years in Prison For $1.7B Fraud

The seven executive employees of the South Korean V Global exchange were found guilty on Friday for the crypto fraud of 2 trillion won ($1.7 billion), authorities sentenced them to jail with hefty fines, per the Forkast report. Acting like a Pyramid Scheme, V Global exchange required investors to deposit 6 million won ($5000) for 300% ROI (Return on...

Jan 08 2022

SEC Charges Crypto Firm Crowd Machine Founder With ‘Fraud and Unregistered’ ICO Offering

Jan 08 2022 Published at Coingape under tags  bitcoin news crypto fraud crypto theft

According to the Securities and Exchange Commission, Craig Sproule, the founder of Crowd Machine, defrauded investors out of their money,...

Apr 22 2021

Turkish Agency Opens Investigation Against Crypto Exchage Thodex Over Alleged $2B Fraud

Thodex, a popular crypto exchange in Turkey is currently under investigation for alleged exit fraud after customers started complaining about not able to access their funds and later the website for the platform also went offline. The founder of the exchange Faruk Fatih Özer has reputedly fled the country on April 20 defrauding nearly $2 The post Turkish Agency Opens Investigation Against Crypto...

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