Tag Archives: crypto scams

The DeFi industry is booming, and there are no two ways around it. Ever since the summer of 2020, dubbed by many the ‘DeFi summer,’ the total value locked in various protocols is increasing, while the volume on decentralized exchanges and automated market makers is skyrocketing as well. However, this has also substantially increased the number of exploits in the DeFi space ever since. In 2021 alone, we saw an array of various scams, ranging from hacks, exploits, and rug...

After several years of investigation and court proceedings, the US District Court for the Southern District of New York granted a request by the CFTC to fine the mastermind behind a multi-million-dollar Bitcoin scam.According to an official press release issued by the CFTC. The Court ordered Benjamin Reynolds, owner of Control-Finance LTD, to pay more than $572 million in compensation for his fraudulent activities regarding a Bitcoin scam.Another Multi-Million Dollar Bitcoin Scam From 2017As...

The world of cryptocurrency scams is expanding like there’s no tomorrow. Vancouver police have just issued a warning after the emergence of two new digital currency-based scams that have already stolen as much as $2 million over the past few weeks. Crypto Scams Are a Big Deal This month, we have seen more evidence of cryptocurrency scams entering our midst. One man claims to have lost hundreds of thousands of dollars to one such venture that involved a Twitter account...

TurtleDex, a decentralized Binance Smart Chain protocol, went through a rug pull. The protocol drained 9000 BNB, approximately $2.5 million. The owners immediately deleted TurtleDex’s telegram, the official website, and the Twitter page.A “rug pull” is a popular term in the DeFi space. In essence, the team behind the project pulls out the liquidity of the tokens being traded and makes off with the money, nowhere to be seen.A Sad day for TTDX HoldersJet Fuel Finance, a yield farming protocol...

The Texas securities regulator has issued an emergency cease and desist order against a fraudulent cryptocurrency investment platform. Interestingly, the project’s latest initiatives included impersonating the world’s leading crypto exchange – Binance.Crypto Scam Impersonating Binance Halted in TexasAccording to the statement, Securities Commissioner Travis J. Iles issued the cease-and-desist order against the alleged scam that he described as an “illegal so-called get-rich-quick scheme...

Cardano’s founder Charles Hoskinson is the latest to address the growing threat of fake cryptocurrency giveaways. He blamed social media platforms like Twitter and YouTube for inaction, threatened to delete his accounts, and said his company will investigate if these giant firms are actually benefiting from the ongoing scams.The Growing Threat of Crypto Giveaway ScamsGiveaway scams have skyrocketed in popularity in the past several years. Their method of operation is quite simple but,...

The co-founder of a fraudulent ICO project that duped more than $25 million from investors, Sohrab Sharma, has received a sentence of eight years in prison for his role.The project itself, dubbed Centra Tech, was previously backed by several celebrities, including the boxing legend Floyd Mayweather and the producer DJ Khaled.Centra Tech Co-Founder Behind Bars for 8 YearsFounded in 2017, Centra Tech marketed itself as a debit card provider that supposedly allowed purchases with...

A new cryptocurrency scam involving some heavy social intelligence and media manipulation is brewing on Twitter, and the potential victims appear to be a bunch of K-pop fans.K-pop is a pop variant played by South Korean bands. The bands enjoy great popularity in Asia, but their fame is spreading to other continents thanks to the boom in internet streaming services.An investigation by the Economic Times revealed that an unidentified group had likely bought thousands of accounts or created a...

A 19-year old UK resident was jailed for a drug trafficking operation. He had participated in an attempt to import ecstasy bought with Bitcoin on the Dark Web.Buying Dark Web Ecstasy with BitcoinThe 19-year-old drug dealer is to serve two years in prison after a police investigation discovered he has been dealing with ecstasy using Bitcoin. According to a recent report, Dylan Bailey from Arbury Road, Nuneaton, UK, used to import ecstasy tablets from abroad, aiming to sell the illegal...

An Australian man, founder of two multi-million crypto funds in New York, pleaded guilty on a crypto scam charge. The Ponzi scheme used a trading algorithm, taking advantage of price differences for Bitcoin and other cryptocurrencies.Draining almost $90M From InvestorsAccording to a recent report, Stefan He Qin organized the fraud that stole about $90 million from clients through his hedge funds – Virgil Sigma Fund LP (“Virgil Sigma”) and the VQR Multistrategy Fund LP (“VQR”). The two...