crypto scams

Russian Hackers Use YouTube Channels to Broadcast Cryptocurrency Scams: Google Report

Google’s Threat Analysis Group revealed that cybercriminals have been targeting YouTube content creators in phishing campaigns for the last two years. The bad actors often hijack their channels and either sell them back for a higher price or employ them to broadcast digital asset scams. YouTubers, Stay Alert In its report, Google’s team explained that...
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Crypto Frauds in The UK Resulted in $200 Million Stolen in 2021: Report

The number of cryptocurrency-related crimes in the United Kingdom has significantly surged in the first nine months of 2021 comparing to last year, reads a recent report. The local police warned that bad actors often use a fake celebrity endorsement to lure people in. Youngsters Are The Most in Danger According to a recent Bloomberg...
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FBI Arrested 26 Israelis on Suspicion of Involvement in Crypto Fraud Scheme

The Federal Bureau of Investigation partnered up with the Israeli Police to arrest 26 people alleged of offenses related to digital currencies employment. While the operation happened in Tel Aviv, it involved victims who all reside abroad. Detaining The Criminals According to a local report, the FBI and the Tel Aviv district fraud unit of...
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Netflix Set to Premier Documentary About QuadrigaCX CEO in 2022

American online streaming giant Netflix is preparing to release a documentary, which focuses on the death of Gerald Cotten, founder and CEO of the now-defunct Canadian cryptocurrency exchange, QuadrigaCX. Netflix made the announcement via Twitter on Thursday (September 23, 2021), with the documentary titled “Trust no One: The Hunt for the Crypto King.” According to...
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Crypto Fraudster Gets Seven Years in Prison for Stealing $90 Million in a Ponzi Scheme

The 24-year-old Australian national – Stefan He Qin – will spend the next 90 months in federal prison for defrauding his customers out of $90 million. The courts also ordered him to forfeit nearly $55 million from the embezzled money. The Road to Prison According to a press release from the United States Department of...
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The SEC Filed Charges Against BitConnect, its Founder, and Top US Promoter

Years after halting its services, the saga with BitConnect has taken another turn as the SEC has filed an action against the founder and some of the promoters. The Commission has alleged that they have swiped more than $2 billion from retail investors through an unregistered offering of digital assets. The SEC Files Charges Against...
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The Largest Crypto Seizure in Brazil: Nearly $29M Worth of Digital Assets Seized

The Brazilian Federal police exposed a local financial pyramid scheme and confiscated nearly $30 million in cryptocurrencies. The operation marked the largest seizure of digital assets in the history of Brazil. The New Record According to a report by CNN Brazil, the local authorities organized a special mission, called “Operation Kryptos,” to halt a fraudulent...
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AriseCoin’s Inventor Embezzled More Than $4 Million in a Crypto Scam, Goes to Prison for Five Years

The authorities in Texas sentenced the CEO of AriseBank – Jared Rice, Sr. – to spend the next five years in federal prison. Apart from the jail time, the criminal would have to restore approximately $4,250,000, which he embezzled from investors throughout his cryptocurrency-related schemes. Justice at Last According to a recent press release from...
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Israel: 8 Years in Prison for Stealing DASH Coins Worth $6.8 Million

Afek Zard – an Israeli resident – will spend the next eight years behind bars for stealing 75,000 DASH coins worth 22 million Shekels or roughly $7 million from a close friend. Apart from the jail time, the man will pay a fine of $1.5 million and compensation to the victim for $80,000. Beware of...
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SEC Charges DeFi Lender and its Executives for Raising $30 Million Trough Unregistered Sales

The Securities and Exchange Commission has targeted the Cayman Island-based Blockchain Credit Partners (BCP), along with Gregory Keough and Derek Acree, for selling unregistered securities from February 2020 to February 2021. $30 Million Trough Token Sales According to a recent press release, the executives allegedly used smart contracts to sell two types of tokens that...
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China Is a Large Player in Cryptocurrency-Related Crimes: Chainalysis Report

The blockchain data provider Chainalysis revealed that Chinese cryptocurrency accounts had sent over $2.2 billion worth of digital assets to addresses tied to criminal activities such as frauds and darknet transactions in a period of around two years. However, large-scale Ponzi schemes are less popular in China than in other countries. Cryptocurrencies Fueled Illegal Operations...
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Hong Kong Cryptocurrency Crime on the Rise: Victims Lost Nearly $30M in 2021 So Far

The scale of losses from digital asset scams in Hong Kong surged to record levels as the local police detected 496 such cases in the first six months of this year. Victims parted with over $27 million, with one individual losing nearly $16 million. Crypto Scams in Hong Kong Are Booming According to a recent...
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Vegas Mother-Son Duo Alleged of a $12 Million Crypto Ponzi Scheme

The Securities and Exchange Commission obtained a temporary restraining order on a mother-son duo that embezzled more than $12 million from at least 277 investors. Throughout the years, the 86-year-old woman and her 54-year-old son promised to generate income for their clients via investing in securities and cryptocurrencies but instead swindled the funds for themselves....
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Record: UK Police Seized Nearly $250M Worth of Cryptocurrencies

The British police confiscated £180 million or about $250 million worth of digital assets as part of a thorough investigation for money laundering. The operation was marked as the largest seizure ever executed in the United Kingdom. Breaking The Record According to a recent Reuters report, the Met’s Economic Crime Command made one of the...
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15 Years Behind Bars for a Swedish Man Who Stole Over $16 Million in Bitcoin

The Swedish resident – Roger Nils-Jonas Karlsson – pleaded guilty to luring at least 3,575 people into a fraudulent Bitcoin investment scheme. According to the investigation, he embezzled more than $16 million from his illegal actions and will spend the next 15 years in federal prison. The Pension Plans Turned out to Be a BTC...
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$350K Stolen From 93K Victims of Fake Crypto Mining Android Apps (Report)

The cybersecurity firm Lookout detected numerous crypto mining scams employing hundreds of fake Android applications. The fraudulent scheme affected at least 93,000 people and stole more than $350,000 from them. Stealing Money Instead of Mining Crypto According to a recent report, the security company Lookout discovered 172 bogus Android applications meant to be used for...
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South Korea Investigates 33 Individuals for Illicit $1.5 Billion Crypto Transactions

Seoul’s Central Customs has started investigating 33 people involved in illegal overseas cryptocurrency transactions worth 1.69 trillion won or roughly $1.5 billion. The authorities have already fined 15 individuals and started prosecuting 14 of them. The remaining 4 suspects will be a subject of further investigation. IIlegal Transfers for Around $1.5B The daily newspaper in...
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Maltese Man Accused of Stealing $700K Worth of Crypto

A Maltese man is currently facing several charges alleging that he had fraudulently taken about $700,000 worth of crypto from his drinking companion. According to a Tuesday report by a local media outlet, several police officers testified against the suspect during the hearing of the case which took place before magistrate Donatella Frendo Dimech. He...
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Brazilian Police Arrested the ‘Bitcoin King’ for a 7,000 BTC Scam

The Brazilian authorities have arrested the president of the Bitcoin Banco Group – Claudio Oliveira. According to them, he was responsible for swiping 7,000 bitcoins from customers worth $250 million today. ‘The Bitcoin King’ Got Busted In a recent online press release, the Brazilian officials reported the arrest of Claudio Oliveira. He was the man...
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Former Employee of Cryptopia Pleaded Guilty of Stealing $170K Worth of Crypto

An ex-Cryptopia staffer admitted he stole nearly NZ$250,000 or about $170,000. He pleaded guilty on two charges – theft by a person in a special relationship and theft of more than NZ$1,000. How Did The Crime Occur? A former employee of the non-functional New Zealand cryptocurrency exchange, Cryptopia, confessed to stealing about $170,000 worth of...
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‘Doctor Bitcoin’ Faces Up to Five Years in Federal Prison

Mark Alexander Hopkins, also known as “Doctor Bitcoin,” pleaded guilty on charges against him of running an illegal cash-to-crypto scheme. After allowing criminals to exchange fiat currencies for bitcoin, he faces imprisonment of up to five years. Texas vs. ‘Doctor Bitcoin’ The Acting U.S. Attorney for the Northern District of Texas – Prerak Shah –...
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WhaleFarm Token Crashes 99% in a $2.3 Million Rug Pull

WhaleFarm, a DeFi project with a fully anonymous team that launched farming days ago, has stolen over $2 million from investors in the latest rug pull in the space. Somewhat expectedly, its native cryptocurrency’s value plummeted by almost 100% in minutes. Launched earlier this month, WhaleFarm started with high promises for investors as it offered...
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A Major Crypto Scam in South Africa? Two Brothers and 69,000 BTC Have Vanished Together

The cryptocurrency investment company in Cape Town, South Africa – Africrypt – allegedly stole nearly 70,000 bitcoins. The two brothers Ameer and Raees Cajee, who are the founders of the firm, have disappeared. The Biggest Crypto Scam in South Africa Bloomberg reported that the customers of the South African trading venue – Africrypt – became...
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UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud. According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is...
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How a British Teacher Lost £120K in a Bitcoin Scam on Instagram

Teresa Jackson – a retired teacher from Portishead, Somerset – lost her savings in an online scam. A mysterious ”financial advisor” persuaded her to stake £120,000 in a bitcoin investment scheme advertised on Instagram. Universal Credit Instead of Multiplying Her Money The UK’s national reporting center for fraud and cybercrime sounded a note of caution...
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Orange County Man Sent to Prison For Processing $25 Million Worth of Bitcoin Illegally

Kais Mohammad – a resident of Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service. The US officials said that the man processed up to $25 million with some of it on behalf of criminal suspects. Behind Bars In 2020 Kais Mohammad, also known as...
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Australian Nurse Lost Her Life Savings In A Cryptocurrency Scam

Rhonda – an Australian nurse – lost all her savings after being lured into a fake bitcoin investment. The fraudulent scheme stole hundreds of thousands from the devastated Sydney woman just months before her retirement. Dreams of Retirement Were Dashed An Australian nurse revealed in a recent interview for 2GB radio how a cryptocurrency scam...
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SEC Charges Five Promoters of BitConnect Crypto Ponzi Scheme

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against five individuals in connection with BitConnect for promoting and selling unregistered securities. BitConnect is a notorious cryptocurrency Ponzi scheme that stole billions of dollars from investors, making it one of the biggest scams in the crypto industry. The SEC alleges that the...
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Crypto is a Long-Running Ponzi Scheme, Says Nobel Prize Winner Paul Krugman

Prominent American economist Paul Krugman once again shared his negative stance towards cryptocurrencies. He compared a Ponzi scheme. Taking Aim at Crypto The most recent adverse price developments in the cryptocurrency market sparked many negative comments. Joining them was the Nobel Prize laureate – Paul Krugman. In an interview for the New York Times, he described...
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Hackers Attack Instagram Accounts in Malta and Require Bitcoin Ransom

Instagram accounts of Maltese residents were attacked recently by hackers. The online intruders specifically insisted on a Bitcoin ransom from the users in order to restore their access. Hackers Insist on Bitcoin Bitcoin and most of the cryptocurrencies keep their rally as their prices escalated in the past few months. Many companies and influential individuals...
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