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Tag Archives: crypto scams

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 the synopsis, a group of QuadrigaCX investors who have become investigators will seek to uncover the suspicious...

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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 Justice, Stefan Qin received a prison sentence for seven and a half years after stealing nearly $90 million from his clients. The Australian was in charge 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 BitConnect Founder Launched in early 2016, BitConnect promoted itself as a platform with a highly advanced trading bot that urged users to deposit...

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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 pyramid scheme operating in the area of Rio de Janeiro. After inspecting 15 different locations, the Federal Police...

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Australians Reported Loses of $25M from Crypto Scams in the First Half of 2021

Cryptocurrency scams were reportedly the most common type of fraud in Australia during the first six months of the year. Locals parted with roughly $25 million after becoming victims of such fraudulent schemes. ‘If Something Sounds Too Good to Be True, It Probably Is’ According to a recent report by the Australian Competition and Consumer Commission (ACCC), investment scams have risen to record levels in the country this year. Interestingly, frauds involving digital assets...

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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 the US Department of Justice, Jared Rice, Sr. will spend the next 60 months behind bars. The American, who was in charge of...

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Fed Chair Minneapolis: Crypto is 95% Fraud, Hype, Noise, and Confusion, But Is It Really?

The President of the Federal Reserve Bank of Minneapolis – Neel Kashkari – opined quite negatively on the crypto industry and especially bitcoin. He referred to many digital assets as “garbage” and claimed they are “complete Ponzi schemes.” Kashkari’s Hostile Stance on Crypto During an appearance at the Pacific NorthWest Economic Region annual summit in Big Sky, Mont., the President of the Federal Reserve Bank of Minneapolis – Neel Kashkari – heavily criticized bitcoin and...

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Beware: Fake Cardano (ADA) Wallet Marketed on Discord

A Reddit user has outlined a fake website trying to copy and even promise more features than the verified Cardano (ADA) wallet – Daedalus. However, the copycat has a slightly different URL address. The user, going by the Reddit handle Tjaaark, posted on August 13th that a “fake Daedalus website is being marketed on Discord.” He advised users to be wary as the copycat had some notable differences from the verified one. For instance, the one marketed on Discord has an URL...

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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 Friends When Dealing with Crypto The Be’er Sheva District Court sent to prison for 8 years the 27-year-old Afek Zard, who embezzled 75,000 digital coins worth around $6.8 million....

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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 the SEC considered securities. More precisely, those were mTokens, which could be bought with “specific...

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