Scams

Nigerians face US charges over online fraud worth ‘hundreds of millions’

Andrew Brookes via Getty Images US law enforcement is cracking down on a pair of alleged online fraudsters that appear to have been wildly successful. The United Arab Emirates has sent the US two Nigerian nationals, Ramon Olorunwa Abbas and Olakean Jacob Ponle, to face charges relating to large “business email compromise” scams. Abbas is …

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The Most Famous Financial Pyramids in the Crypto World

In addition to the obvious advantages in the form of anonymity, accessibility, ease of use and low cost of transactions, cryptocurrencies have some serious drawbacks that impede their global adoption. The main one is the connection between crypto and crime. Everyone who has studied this topic even superficially knows that Bitcoin (BTC) still remains a …

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Singapore Man Fined $72K for Promoting Crypto Ponzi OneCoin

A 52-year-old Singapore man has been found guilty of promoting OneCoin, the multi-level marketing, or Ponzi, scheme based around its own cryptocurrency. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary …

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Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

The UK High Court has appointed the Official Receiver as liquidator of the cryptocurrency trading platform, GPay Ltd. According to an announcement published by the UK Insolvency Service on June 30, the crypto exchange showed signs of being “nothing but a scam”. Fake statements abound The firm, also known previously as XtraderFX and Cryptopoint, advertised …

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Investors Fear Ethereum Price Sell-Off After PlusToken Transfers 789K ETH

Earlier this week PlusToken, one of the largest scams in the cryptocurrency world, tried to move 789,500 Ether (ETH), but the movement of these stolen funds were temporarily held up by congestion issues within the Ethereum network. The $186 million transfer came from a known Ethereum address and was later split into 50 different transactions, …

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How to Spot a Crypto Scam

You’ve seen it before: A site that promises instant returns on your small crypto investment. It looks legitimate with all the happy customer testimonials, FOMO-inducing promises and easy-to-use dashboards that look like so many other financial sites. The language is open, breezy but sometimes, well, odd. One site, Coindeskminers.com especially piqued our interest because it …

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Australians Lost More Than $14M to Crypto Scams in 2019

Australians filed 1,810 reports of cryptocurrency-related scams in 2019, collectively totaling more than $21.6 million AU ($14.9 million USD). According to a study by Scamwatch, an arm of the Australian Competition and Consumer Commission, younger Australians aged 25 to 34 were those most heavily affected by crypto investment scams. According to the report: “Cloud mining …

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New Report Aims to Answer Whether Tron Is a ‘Scam’

The latest report from Flipside Crypto takes a deep look into Tron (TRX) with the hope of answering a question many critics in the cryptocurrency space have posed: “Is Tron a scam?”. Dubious past The report starts by rehashing the Tron’s compromised origins story — from the allegedly plagiarized white paper to the promise of …

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Chinese Police Investigate ‘Exit Scam’ by Iranian Crypto Exchange

Bitisis, an Iran-based cryptocurrency exchange platform targeting Chinese investors with investment opportunities, has reportedly pulled an exit scam. Chinese police are currently investigating the exchange’s disappearance, with the platform appearing to have transferred users’ assets to three wallet addresses after abruptly suspending operations. However, the addresses in question are held by major cryptocurrency exchanges and …

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Encrypted Messaging Site Privnote Cloned to Steal Bitcoin

Privnote, a free web service that which lets users send encrypted messages that self-destruct once read, has been copied with the reported aim of redirecting users’ bitcoin to criminals. In a Sunday post on cybersecurity blog KrebsonSecurity, journalist Brian Krebs warned users of a phishing scam that lures unsuspecting victims to a near-identical version of …

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