Tag Archives: crypto scams

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....

As if the traditional banking system isn’t causing enough troubles, a DeFi lending protocol called Euler Finance was also hit by a flash-loan attack. The damage equates to almost $200 million worth of staked ether, USDC, wrapped BTC, and DAI. Euler Finance is a decentralized lending protocol that was most recently exploited for a whopping $197 million in total. The breakdown of the funds is as follows: $8.7 million worth of the decentralized stablecoin DAI, $34 million worth...

Valentine’s Day this year was wrought with chocolates, roses, and a few dozen romance scams. The Federal Bureau of Investigation (FBI) says several of these scams popped up during or prior to the national holiday, and that the problems surrounding romance scams are getting worse. Romance Scams Were Big This Holiday In 2021 alone, more than 24,000 people were either targeted by or fell victim to romance scams according to the federal agency. The process works as such: a...

A second-year B.Com student from the Indian city Lucknow reportedly hanged himself after losing a bitcoin investment worth ₹3.5 lahks ($4,200). The local police assured they will investigate the tragic event once the victim’s family filed a complaint.  Depression and Then Suicide According to coverage by Hindustan Times, the boy distributed the sum through an online crypto investment company which he previously found while using Telegram. The firm promised high returns, and...

The US Securities and Exchange Commission (SEC) filed an emergency action against the Miami-based financial advisor firm – BKCoin Management LLC – and its Co-Founder Kevin Kang, claiming they have defrauded investors with $100 million via a fraudulent crypto scheme. The agency seeks to impose financial penalties on the organization and a conduct-based injunction against Kang. Stealing for Personal Benefits? In a recent press release, the US securities regulator asserted that...