The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two individuals and one entity involved in a network laundering millions of dollars in illicit funds for North Korea. Lu Huaying and Zhang Jian, based in the United Arab Emirates (UAE), used a UAE-based front company to facilitate money laundering and...Read More
Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10 arrested 792 people linked to a massive crypto-romance scam operating out of Lagos. The suspects, who included 148 Chinese, 40 Filipinos, and several other foreign nationals, were caught during a surprise raid at an imposing seven-story structure known as Big Leaf in the affluent Victoria...Read More
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Francier Obando Pinillo, a pastor from Pasco, Washington, accusing him of running a fraudulent cryptocurrency Ponzi scheme worth at least $5.9 million. The complaint names Pinillo and his associated businesses, Solanofi, Solano Partners Ltd., and Solano Capital Investments, collectively known as the...Read More
Five individuals associated with IcomTech, a cryptocurrency Ponzi scheme that defrauded investors of $8.4 million, were ordered by a federal court to pay over $5 million in restitution and penalties. The December 11 ruling by the United States District Court for the Central District of California also included prison sentences for three of the defendants....Read More
A new wave of crypto scams has emerged, with attackers using fake X accounts to impersonate popular influencers and lure unsuspecting users into fraudulent Telegram groups. Users are then manipulated into installing malware that compromises crypto wallet data. Scammers Moving Beyond Simple Phishing Scams According to blockchain security firm Scam Sniffer, the scammers comment on legitimate...Read More
Fox News reporter Eleanor Terrett has warned of a deceptive news article circulating online. The publication used her name and official Fox News graphics to promote a scam involving a non-existent BlackRock token. The Fraudulent Piece Terrett raised the alarm on X, stating: “There’s a fake article circulating using my name and official Fox graphics...Read More
On December 6, a cryptocurrency user known as “LeftsideEmiri” on X shared that they had lost $300,000 after interacting with a fraudulent work meeting link. In a thread, the individual described the incident as a social engineering attack, emphasizing that they had not approved or signed any transactions. $300K Lost In Attack “Thought it would...Read More
Prominent blockchain detective ZachXBT has uncovered a hacking spree targeting popular accounts on X and Instagram, which fueled a wave of pump-and-dump schemes linked to meme coins launched on Pump.fun. Celebrities such as musicians Usher and Wiz Khalifa, actor Dean Norris, as well as a Japanese public aquarium fell victim to these attacks. Hacks Targeting...Read More
An unnamed cryptocurrency holder recently lost more than $3 million worth of PYTH tokens after erroneously transferring them to a scammer’s wallet. The mistake happened when the victim, relying on their transaction history, copied and used a fake deposit address. The High Cost of a Small Mistake According to a November 25 post by blockchain...Read More
Federal prosecutors in the United States have filed charges against five individuals accused of carrying out a complex phishing and hacking operation that targeted employees of companies across the country. According to authorities, the scheme led to the theft of intellectual property, sensitive corporate data, and millions of dollars in cryptocurrency, including $6.3 million stolen...Read More
One of the most popular individuals in the crypto world (and not for good reasons), Ruja Ignatova, also known as the “Cryptoqueen,” is the founder of the fraudulent scheme OneCoin, which embezzled over $4 billion from victims. Ignatova is considered the mastermind of the scam, but her whereabouts have remained unknown since she was last...Read More
South Korean authorities have arrested 215 individuals in connection with a massive cryptocurrency investment scam worth an estimated 325.6 billion won – around $232 million. The arrests, led by the Anti-Corruption and Economic Crime Investigation Unit of the Gyeonggi Southern Provincial Police, involve employees of a fraudulent investment consulting firm and its founder, who happens...Read More
A high-profile Russian influencer, popularly known as the “Queen of Crypto,” is under scrutiny for allegedly defrauding investors out of $22 million. According to various reports in the Russian press, Valeria Fedyakina, who made a name for herself as “Bitmama,” is accused of operating a pyramid scheme that ensnared multiple victims in only two months....Read More
Grant Colthup, the former CEO of ACCE Australia, is facing a single fraud charge following an investigation by the Australian Securities and Investments Commission (ASIC). Colthup, who appeared in the Magistrates Court at Ipswich, Queensland, was charged with embezzling $1.47 million (2.2 million Australian dollars) from a customer. $1.5M Bitcoin Payment Goes Missing From May...Read More
The cryptocurrency sector comprises various legitimate projects and innovations but is also rife with fraudulent schemes. One such scam reportedly pocketed billions of euros from its unsuspecting clients after using popular football players as backers. Painful Losses Following the Footballers’ Involvement El Diario – a Spanish digital newspaper known for its investigative journalism – recently...Read More
A sponsored Google ad claiming to promote Sony’s blockchain project, Soneium, has been exposed as a crypto wallet drainer. This incident adds to the growing threat of wallet drainers that have plagued the crypto space. Google Ad Scam Targets Soneium’s Users In a post shared on October 22 via X by blockchain security firm Scam...Read More
The Hong Kong Police Force (HKPF) has dismantled a massive cross-border fraud operation that used deep fake technology to con men into phony cryptocurrency investments. The scam targeted men through fake online romances, with the victims reportedly being conned out of approximately $46 million. 27 Arrested in Raid on Fraud Center Local media reports revealed...Read More
On October 15, 2024, Juan Tacuri, a senior promoter of the cryptocurrency Ponzi scheme Forcount, was sentenced to 20 years in federal prison and one year of supervised release. The Florida resident was also ordered to forfeit a home bought with scam proceeds, $3.6 million in assets, and pay an equivalent amount in restitution to...Read More
Chirag Tomar, a 31-year-old Indian citizen, was sentenced to five years in federal prison for orchestrating a cryptocurrency fraud scheme that defrauded hundreds of victims out of more than $20 million. U.S. District Judge Kenneth D. Bell handed down the sentence, which also included two years of supervised release. Scammers Imitate Coinbase to Steal Millions...Read More
Three crypto companies and 15 individuals have been charged with extensive fraud and market manipulation. This follows an unprecedented investigation by the US Federal Bureau of Investigation (FBI), which involved creating a new digital token to help expose criminal activity in the sector. Federal prosecutors in Boston announced charges against Gotbit, ZM Quant, and CLS...Read More
An 86-year-old former attorney, David Kagel, has been sentenced to five years of probation for organizing a multimillion-dollar cryptocurrency Ponzi scheme that defrauded investors out of nearly $15 million. The judgment, filed on October 8 in a Las Vegas federal court, also requires him to pay $14 million in restitution to his victims. $15M Crypto...Read More
U.S. authorities, including the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ), have charged Gotbit and four other crypto firms with widespread market manipulation. The charges also roped in several individuals who worked for the offending organizations. Market Makers Accused of Running Wash Trading Scheme According...Read More
A recent cyberattack has led to an unsuspecting crypto investor reportedly losing 15,079 fwdETH, worth roughly $36 million. In the incident, described by security experts as a permit phishing scam, the bad actor tricked the user into unknowingly signing a malicious signature, which gave the thief full access to the individual’s funds. How it Happened...Read More
Cardi B, took to her X account to promote a new meme coin named after her iconic track. However, there have been concerns surrounding the promotion, with security experts suggesting the account may have been compromised. Cardi B Shares $WAP Video The rapper, who has been in the news lately after claims emerged that she...Read More
WalletConnect has warned crypto users about a fake app previously available on the Google Play Store. In a September 29 post on X, the organization behind the open-source protocol that enables secure connections between crypto wallets and decentralized applications (dApps) said the offending app has since been removed from Google Play, but not before it...Read More
The person behind 2023’s Euler Finance hack has congratulated the Penpie exploiter after the latter moved the bulk of the funds they stole to Tornado Cash. The Penpie thief transferred the money even as the decentralized finance (DeFi) platform pleaded for the funds to be returned in exchange for a bounty. The $27M Penpie Protocol...Read More
Last month, the crypto space experienced $313 million in losses due to over ten different hacks. Of the total stolen funds, 93.5% were lost in two large phishing attacks that occurred during that time. August Cases According to a post by blockchain security firm PeckShield, the two incidents combined for a loss of about $293.4...Read More
Australians reportedly lost at least AUD 180 million (approximately $122 million) to cryptocurrency investment frauds over the past year. Victims under 50 now make up around 60% of scam reports, overtaking older Australians, who are typically considered more vulnerable to such projects. Crypto-Based Investment Scams in Australia The data, gathered by the Australian Cyber Security...Read More
The U.S. Securities and Exchange Commission (SEC) has brought charges against two brothers for running a $60 million Ponzi scheme. Notably, the complaint was filed on August 26 in the United States District Court for the Northern District of Georgia in Atlanta. SEC Freezes Assets in Scam According to the regulator’s filing, Jonathan Adam and...Read More
The X account of French football star Kylian Mbappe was reportedly hacked on August 29, with the attackers posting multiple messages promoting a suspicious cryptocurrency named ‘$MBAPPE.’ The posts, which also included opinions on contentious topics such as the Israel-Palestine conflict, caught the attention of many, leading to significant financial losses for some. Investor Loses...Read More
