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Tag Archives: crypto scams

Crypto Trader Sentenced to 3.5 Years in Prison for $5 Million Fraud

The United States Department of Justice (DOJ) has sentenced a 25-year-old Rhode Island cryptocurrency trader, popularly known as Coin Signals, to 42 months in prison for defrauding over 170 people of more than $5 million. Coin Signals Trader Convicted According to an official press release, the convict, Jeremy Spence, had solicited funds from investors via several crypto investment pools, which he ran from November 2017 to April 2019. He created and managed several crypto...

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Five US States Issued Order to Stop a Fraudulent Russian Metaverse Project

Five US states announced plans to take immediate action against a Russian organization allegedly selling fraudulent NFTs to US investors for funding a metaverse casino called Flamingo Casino Club. The authorities required the entity to stop selling such digital assets, accusing it of committing fraud and selling unregistered securities. Fraudulent Claims Securities Regulators from Alabama, Kentucky, New Jersey, Wisconsin, and Texas said that Flamingo Casino Club had solicited...

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Europol Adds OneCoin’s Crypto Queen Ruja Ignatova To Its Most Wanted List

In the same way that the adoption of cryptocurrencies increased worldwide, so did the Ponzi schemes and other frauds related to the crypto ecosystem. OneCoin is one of the most obvious examples; but Europol is focused on closing the case and put its promoters behind bars —no matter how long it takes. On May 11, Europol added Ruja Ignatova, founder of the OneCoin Ponzi scheme, to its list of Europe’s most wanted fugitives, offering a reward of up to €5,000 to anyone who helps...

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US DOJ Charges Mining Capital Coin CEO for Allegedly Running a $62M Crypto Fraud

The United States Department of Justice (DOJ) has indicted Luiz Capuci Jr., the CEO and co-founder of Mining Capital Coin (MCC), for allegedly running a $62 million fraud scheme. Mining Capital Coin CEO Allegedly Misled Investors According to the DOJ, Capuci and other unnamed members of his team had misled investors into thinking that MCC’s mining and investment program had massive profit-bearing potential. Capuci claimed the firm has an international network of large-scale...

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Bryan Oglesby: Crypto Scams Exist Because Crypto Is Confusing

Crypto is very confusing to a lot of people according to Bryan Oglesby, a spokesperson for the Better Business Bureau (BBB). This is exactly why crypto has become such a powerful tool in ongoing fraud attempts and scams that regularly permeate the financial space. Bryan Oglesby On Crypto: It’s Rather Confusing In a recent statement, Oglesby claimed: Cryptocurrency is very confusing to a lot of consumers. Because there is all this confusion, scammers take this as an...

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US DOJ Charges Block Bits Founder for $1M Crypto Investment Fraud

The United States Department of Justice (DOJ) has indicted 44-year-old Japheth Dillman, the founder of Block Bits Fund, for misleading investors into committing a total of $960,000 to a false arbitrage autotrader. DOJ Indicts Block Bits Founder Block Bits Fund was founded in 2017 during the ICO era. The company presented itself as a fund dedicated to cryptocurrencies, Initial Coin Offerings (ICOs), and blockchain technology. It promised investors high returns from the profit...

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Coinbase Introduces Crypto Compliance Tools for Businesses, Law Enforcement Agencies 

Coinbase has unveiled “Coinbase Intelligence,” a set of tools offering crypto compliance solutions for businesses, financial institutions, law enforcement agencies, and all those who are new to digital assets.  “Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors. As part of this suite, we are introducing a new product, Coinbase Know Your Transaction (KYT), and providing an...

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Beware: BAYC Instagram Hacked, Several Bored Ape NFTs Already Lost

Bored Ape Yacht Club (BAYC) confirmed over Twitter on Monday that its Instagram account was hacked. A scam link posted by the hacker appears to have resulted in multiple valuable NFTs being stolen from victims. The link, which has since been taken down, led to a page claiming to be sponsored by Yuga Labs. It called on users to connect their MetaMask wallet in order to be airdropped LAND – an upcoming governance and utility token. However, multiple holders are now claiming to...

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USSS Seized Over $102 Million in Crypto Since 2015: Assistant Director David Smith

The United States Secret Service (USSS) has seized over $102 million in cryptocurrencies during investigations into criminal and fraud cases since 2015, said David Smith, Assistant Director of Investigations. Smith leads the USSS’ global investigative wing with 161 offices and over 3,000 employees.  To track illicit currency transactions and crackdown on them, US Secret Service agents and analysts monitor the flow of bitcoin and other digital assets on different blockchain...

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Criminalizing Rug Pulls: Senator Kevin Thomas Proposes New Regulations

Rug pulls have grown to become a menace in the space of decentralized finance and have resulted in hundreds of millions stolen from users. Being amongst the most common types of scams, some US politicians have taken aim and want to outlaw them. State Senator Kevin Thomas and Assembly member Clyde Vanel have introduced Senate Bill S8839. The bill calls for penalizing, defining, and criminalizing frauds that are specifically targeted at developers and projects designed to dupe...

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