Tag Archives: crypto scams

A 23-year-old professional with a major tech company who lost nearly Rs. 30 lakh (approx. $37,500) in the cryptocurrency market tried to commit suicide by jumping off a river bridge in Kolkata, India. A cab driver who noticed the young man on the Vidyasagar Setu (bridge) alerted the nearby police about his intentions. Borrowed to Invest in Crypto The police were able to prevent the techie from jumping off the famous bridge into the river, media reports said, without...

A couple from Toronto became the latest to fall victim of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme.  However, in this case, law enforcement agents managed to recover a “significant portion” of the lost funds and returned them to the victims. Another Crypto Scam in Canada The Toronto Police Service announced earlier this week that an elderly man and his spouse, whose names were undisclosed, became victims of a cryptocurrency fraud.  The couple...

A study conducted by the cybersecurity company Kaspersky determined that approximately a third of the US crypto investors have had some portion of their stash stolen by hackers.  Bad actors usually con victims by luring them to enter a counterfeit website or urging them to join a dubious investment platform.  ‘People Need to Take Care to Protect Themselves’ Kaspersky surveyed 2,000 American adults to estimate that around 30% of those who have hopped on the crypto bandwagon...

A 60-year-old Indian woman lost nearly $30,000 in a crypto investment scam after she was approached on the matrimonial site where she had registered herself to look for a life partner. The con man told her that he was a US-based engineer and can make her earn quick profits through bitcoin investments.   Investment in Love Gone Wrong According to media reports, the Mumbai woman, who is a retired executive from a private company, registered on a matrimonial website in early...

After a 2-year investigation, Hindenburg concluded Block (previously known as Square) “systematically took advantage of the demographics it claims to be helping.” The report accused the firm of facilitating “fraud against consumers and the government” as well as “avoiding regulation.” It further called Block’s loans and fees to be “predatory” in nature and designed to “mislead investors with inflated metrics.” The US-based short seller said its research involved numerous...

Scammers adapt better than we can imagine and change depending on the market situation. This revelation was made in a recently hosted webinar by prominent blockchain analytics firm Chainalysis wherein it gauged crime trends in the industry market during the crypto winter. The data gathered by the firm revealed how scammers adapted to the developments and volatility of the crypto market. Not all scams behaved the same way in the context of the bear market. This time around, it...

The authorities of the United States pressed charges against Irina Dilkinska (who served as Head of Legal and Compliance at OneCoin) for her alleged role in the infamous crypto scam and deported her from Bulgaria to the US. She could receive a maximum potential prison sentence of 20 years for allegedly committing wire fraud and additional 20 years for supposedly violating money laundering laws. A Possible Jail Time for Another OneCoin Member In a recent press release, the US...

The Federal Bureau of Investigation (FBI) revealed that Americans parted with over $10 billion last year due to online fraud. Wrongdoers drained $2.57 billion of that amount via cryptocurrency investment schemes.  Crypto Scams on the Rise Despite the predominantly bearish year for the cryptocurrency industry, 2022 was fruitful for criminals. They stole nearly $2.6 billion from American consumers using investment schemes related to bitcoin and other digital assets. In...

The professional Brazilian soccer players – Gustavo Scarpa, Mayke Rocha de Oliveira, and Willian Bigode – have reportedly lost over $5 million due to investing in an alleged fraudulent cryptocurrency firm called Xland. The company said it did not run a pyramid scheme and promised to reimburse the victims. Athletes Have Fallen Victims Scarpa – Brazilian soccer player who plays for Premier League club Nottingham Forest – and Mayke Rocha de Oliveira (better known as Mayke) – who...

When it comes to crypto scams, forget about romance, the dark web, or even fraudulent trading platforms. According to a new report, YouTube is the go-to tool for those looking to orchestrate digital currency schemes and steal money from unsuspecting victims. YouTube Is Becoming a Haven for Crypto Fraud The report comes by way of With Secure Inc., a digital security firm that has been monitoring the growing network of crypto fraud schemes via video platforms like YouTube....