Tag Archives: crypto scams

The United States Department of Justice notified that the former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million. The exec used to trade cryptocurrencies and “meme stocks” with the stolen funds. According to the official press release, US District Judge Paul A. Engelmayer imposed a sentence of 36 months in prison for the former chief financial officer of African Gold Acquisition...

Faruk Fatih Özer – the founder of crypto exchange Thodex – has been extradited to his home country, Turkey, where he faces charges of fraud and operating a criminal organization. Thodex was one of the largest crypto exchanges in Turkey. It later turned out to be an exit scam, with Özer disappearing with $2.6 billion worth of crypto funds leaving around 400K users high and dry. According to the latest report by state media, the 27-year-old founder was detained by police upon...

A resident of Scotland’s county Lanarkshire was left with a £150,000 debt (almost $190,000) after falling victim to a cryptocurrency fraud. She is now forced to sell her home to avoid additional financial issues. The woman sought support from Advice Direct Scotland and the local police, but the entities could not help her retrieve the funds. ‘It’s Absolutely Horrific’ Jennifer decided to invest her money into a crypto scheme after seeing a dubious advert on Facebook featuring...

Nevada Attorney General Aaron Ford has sworn to protect all residents of his state from crypto scams, and he’s putting out notices to everyone to tell them what they can do to avoid becoming victims. Aaron Ford Vows to Protect People of His State In a recent statement, Ford commented: The safety of Nevada consumers is a top priority at my office. As technology becomes an increasingly integral part of our lives, scams involving digital currency are becoming more...

More crypto scams have been recorded to the digital currency books, and the ones in question are proof that it doesn’t matter how big or famous you are or where you’re located… You’re just as vulnerable as everyone else. Crypto Scams… They’re Everywhere! The first of the two new crypto scams saw Nottingham Forest midfielder Gustavo Scarpa losing one million pounds to a digital thief. At 29 years old, Scarpa is developing a reputation as one of the greatest soccer players...

A 55-year-old resident of Hong Kong has reportedly fallen victim to an online cryptocurrency investment scam and lost her entire savings worth nearly HK$7 million (almost $900,000). Such fraud cases have become quite frequent in the region lately. A study estimated that Hong Kong investors had lost around $50 million during the first half of 2022 due to crypto schemes. ‘Obtaining Property by Deception’ According to a South China Morning Post coverage, the woman fell prey when...

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...