Tag Archives: crypto scams

The crypto sleuth ZachXBT has warned about a group of scammers who are attempting to lure more victims by using millions in stolen funds in a new scheme. The investigation found that the same group who stole from projects like Magnate, Kokomo, Lendora, and Solfire is now back with a new project on Blast, Leaper Finance. Multi-Million Dollar Rug Pull Scam Network According to ZachXBT’s findings disclosed in a thread on X, the group has a history of executing rug pulls and is...

Despite network outages, Solana has witnessed a flurry of projects launched on top of its blockchain. Such a trend typically depicts a growing demand. But the latest report paints a different picture. These fraudsters were found to be capitalizing on users’ heightened risk appetite, fueled by FOMO amidst a market-wide resurgence. In a report shared with CryptoPotato, blockchain security company Blockaid revealed that 50% of recent pre-sale token launches on Solana have been...

The Southern District of New York announced that Irina Dilkinska was sentenced to four years in prison by US District Judge Edgardo Ramos for her involvement in the extensive OneCoin fraud scheme. Dilkinska served as OneCoin’s former legal and compliance officer who was caught and extradited from Bulgaria to the United States in March 2023. Sentencing According to a statement from the United States Department of Justice (DOJ), Dilkinska participated in its day-to-day...

American tech giant Google recently filed a lawsuit against two developers for uploading almost 90 fraudulent crypto investment applications on its online store, Google Play, which they used to defraud unsuspecting victims. Despite the company’s previous attempts to take down fraudulent apps from its Play Store, the alleged scammers found a way to upload more of such bogus apps, with Google stating that their fraud scheme affected around 100,000 users. Victims Promised...

The TRON network accounted for 45% of all illicit volume in 2023, according to data released by analysts at blockchain forensics firm TRM Labs. TRM Labs released a report titled “The Illicit Crypto Economy” on Wednesday shedding light on the key trends in 2023 related to illicit activities and funds in the crypto space. TRON Blockchain Dominates Illicit Activity TRON blockchain network, founded by Chinese entrepreneur Justin Sun, accounted for the highest illicit activity...

A 46-year-old housewife in Hong Kong has reported losses of 7.1 million Hong Kong dollars ($908,000) after investing in a fraudulent crypto investment platform. According to a report by the South China Morning Post, people familiar with the matter revealed that the woman did not realize she had been scammed until a year after the incident when she discussed the investment with her family. Hong Kong Housewife Scammed of $908K One of the fraudsters contacted the victim through...

X (formerly known as Twitter) has been a popular hook for scammers for over a decade now. However, the tactics employed in these schemes continuously evolve. What’s concerning is that many victims are still falling for scams because of misleading comments made by fake X accounts, leading them to phishing websites. X Fakes Fuel Phishing Frenzy According to Scam Sniffer’s February Phishing Report, a significant portion of the victims fell prey to such scams via X. Deceptive...

In February, the crypto industry saw losses totaling approximately $160 million due to exploits, hacks, and scams. The figures represented a slight dip from January despite an increase in prices. According to the latest update by CertiK, exit scams claimed the lion’s share at $58.2 million, followed by exploits at $101 million. Phishing accounted for $14.6 million, while $6.4 million was successfully recovered. Flash loans incurred minimal losses at $138k. Hong Kong-based...

South Korea has witnessed a surge in crypto trading, particularly following a market recovery. Correspondingly, authorities in the country received almost 49% more alerts of potentially suspicious transactions from crypto service providers in 2023 compared to the previous year. A paper from the Financial Intelligence Unit (FIU) revealed that South Korea logged 16,076 instances of reported crypto transactions suspected of links to activities like money laundering, market...

Scammers have taken their tactics to the next level and are now using real funds in address poisoning attacks. A recent incident where a victim lost nearly $50k was brought to light through a post on X by Cyvers Alerts, a platform dedicated to raising awareness about online threats. Crypto Users Targeted with Real ETH An initial post warned of the new phishing scam targeting crypto users, stating, “Beware of a new phishing scam targeting #crypto users! Scammers are now...