Tag Archives: crypto scams

Hacker groups affiliated with North Korea have become highly active in the digital asset space, relentlessly pilfering funds. Despite a decrease from the record-breaking numbers of 2022, the “hermit kingdom” has continued to concentrate on the cryptocurrency landscape this year. In fact, the stolen funds are being funneled in billions into the country’s nuclear program. North Korea’s Crypto Heists According to a report by local media outlet Asia Today, South Korea’s National...

Coinbase recently introduced “Base” to foster a community of developers dedicated to constructing decentralized features for its users. While Base is geared toward enhancing the exchange’s utility and encouraging greater customer engagement, this new blockchain attracted more than 500 fraudulent tokens in a relatively brief period. Scam token creators thrive on “hype, promise, and price and volume manipulation.” The fervor surrounding the Base network is no different in this...

Bitcoin ATMs are largely becoming the centers of crypto fraud schemes, according to law enforcement agencies around the country. Bitcoin ATMs and the Problems They Attract For example, one woman from the city of Clive in Polk County, Iowa, was involved in a bitcoin ATM scam that saw her lose more than $6,600. She received a call from someone claiming to be part of the Polk County Sheriff’s office, and the caller said that if she didn’t go to her nearest crypto ATM...

The US Commodity Futures Trading Commission said earlier this week that it had filed a complaint against four individuals and their unincorporated entity for operating a fraudulent project involving precious metals and digital assets. The alleged scam had over 14,000 customers at one point. The complaint was filed in the US District Court for the Middle District of Florida against Rene Larralde, Brian Early, Alisha Ann Kingrey, and Juan Pablo Valcarce. The group of four,...

Jinwook Shin, CEO of cryptocurrency exchange Bitsonic, has been apprehended by South Korean law enforcement on August 7th. He is currently being investigated for allegedly embezzling investments and deposits from users of the exchange. According to the report by South Korean news agency Chosun Biz, Shin is being accused of fraudulently manipulating cryptocurrency prices and trading volume on Bitsonic, which led to the misappropriation of approximately 10 billion won ($7.5...

Cypher Protocol, a Solana-based futures DEX, has been forced to pause its smart contract in the wake of an exploit that resulted in a loss of more than $1 million. The Why Late last night, Cypher’s devs announced that they had suffered a “security incident”, resulting in the need to pause their smart contract until a post-mortem was carried out. An appeal to the hacker was also made, promising a discussion on the next steps should the bad actor care to reply. Cypher has has...

A resident of Eden Prairie, Minnesota, whose name was undisclosed, has reportedly parted with $9.2 million after falling prey in a typical cryptocurrency romance fraud.  The local police said it has never investigated a crypto-related scam where individuals have lost such a substantial sum. The Multi-Million Scheme As reported by Star Tribune, the man started chatting with a mysterious woman on LinkedIn who urged him to invest in a dubious cryptocurrency project called...

Blackberry has detected several malware families that are being used to run massive campaigns for stealing crypto from devices. In the August edition of ‘The BlackBerry Global Threat Intelligence Report,’ the former titan of the smartphone industry found that finance, healthcare, and government are the top three industries with the highest distribution of cyberattacks. Malware Everywhere From March 2023 to May 2023, BlackBerry’s cybersecurity solutions managed to stop over...

A phishing scammer recently nabbed $20 million in USDT from an unsuspecting victim using a zero transfer phishing attack, reported blockchain security firm PeckShield on Tuesday. The stolen funds were frozen in short order by Tether – the issuer behind USDT – raising questions about who the victim was given the speed of their response. The Zero Transfer Phishing Attack According to PeckShield, the victim address intended to send funds to one wallet, but was fooled into...

A Tennessee couple was charged for operating a $6 million digital assets commodity pool scheme by the Commodity Futures Trading Commission (CFTC) this week. The United States derivatives market regulator charged the owners of a Clarksville real estate company, Michael and Amanda Griffis, for allegedly defrauding more than 100 people across the country. The couple was also accused of failing to register with the CFTC in connection with a multi-million dollar commodity pool...