Tag Archives: crypto scams

The troubles of customers using the services of the popular cryptocurrency wallet Ledger continue. After the security issues last year, users have now complained about receiving fake Ledger replacement devices that actually aim to steal their digital asset holdings. Fake Ledger Replacements Founded in 2014, Ledger develops hardware wallets enabling cryptocurrency investors to store their assets on offline devices. The company has enjoyed significant growth in the past several...

Kais Mohammad – a resident of Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service. The US officials said that the man processed up to $25 million with some of it on behalf of criminal suspects. Behind Bars In 2020 Kais Mohammad, also known as ”Superman29”, pleaded guilty to the charges against him of operating unauthorized money transmitting business, money laundering, and failing to maintain an effective anti-money...

Rhonda – an Australian nurse – lost all her savings after being lured into a fake bitcoin investment. The fraudulent scheme stole hundreds of thousands from the devastated Sydney woman just months before her retirement. Dreams of Retirement Were Dashed An Australian nurse revealed in a recent interview for 2GB radio how a cryptocurrency scam swindled out her entire life savings, sounding a note of caution to other investors about the red flags she should have been mindful...

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against five individuals in connection with BitConnect for promoting and selling unregistered securities. BitConnect is a notorious cryptocurrency Ponzi scheme that stole billions of dollars from investors, making it one of the biggest scams in the crypto industry. The SEC alleges that the defendants helped market BitConnect’s global unregistered securities sales, raising over $2 billion from...

Prominent American economist Paul Krugman once again shared his negative stance towards cryptocurrencies. He compared a Ponzi scheme. Taking Aim at Crypto The most recent adverse price developments in the cryptocurrency market sparked many negative comments. Joining them was the Nobel Prize laureate – Paul Krugman. In an interview for the New York Times, he described cryptocurrencies as a ”long-running Ponzi scheme.” He said that investing in digital assets is very similar to...

Instagram accounts of Maltese residents were attacked recently by hackers. The online intruders specifically insisted on a Bitcoin ransom from the users in order to restore their access. Hackers Insist on Bitcoin Bitcoin and most of the cryptocurrencies keep their rally as their prices escalated in the past few months. Many companies and influential individuals either invested in them or recognized their potential. However, the skyrocketing value of bitcoin and altcoins also...

The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion. The Investigation As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the...

Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally. The Core of the Hoax Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A...

The popular cryptocurrency wallet MetaMask warned its customers of a new phishing bot that attempts to get their seed phrases. According to the team, the fraud tries to lead users to a so-called ”instant support” portal where they are prompted to enter information into a Google Docs form. The New Scam MetaMask – a project focused on Ethereum-based tools and infrastructure – tweeted today (May, 3rd) revealing a new fraud that attempts to harm users of the platform. The...

Following a trial against the recently arrested suspects connected to the infamous Thodex crypto exchange, a Turkish court has sent six people to jail. The brother and the sister of the company’s CEO, who reportedly escaped with $2 billion of users’ funds, were among them. Actual Jail for Six Suspects The $2 billion crypto scandal in Turkey has become one of the hottest topics in the country recently. According to authorities, the CEO of the local crypto exchange Thodex has...