Tag Archives: crypto scams

A 49-year old U.S. individual has pleaded guilty to a scheme, defrauding hundreds of investors with millions of dollars via a scheme involving bitcoin and cash. In two and a half years, he managed to fraudulently exchange at least $13 million.Illegally Exchanging Tens of Millions of DollarsA 49-year-old man from L.A. pleaded guilty to recent allegations of masterminding and operating Bitcoin-fiat exchange and money laundering. According to an official statement by the U.S. Immigration and...

The U.S. SEC has charged three individuals on an initial coin offering scam, where their company Bitcoiin2Gen squeezed more than $11 million from retail investors. The ICO, which took place in 2018, involved actor Steven Seagal as a promoter of the newly created token.Defrauding Investors with More than $11MThe Securities and Exchange Commission (SEC) went after three individuals, allegedly defrauding hundreds of retail investors. The U.S. watchdog has charged them on a 2018 initial coin...

It seems that the old crypto giveaway scams are not as old and outdated as we though. People are still falling in 2021, feeding the scammers with large amounts of money.As hard as it may seem, there are still plenty of people who think Elon Musk is going to give them money if they send him Bitcoin (Spoiler Alert: He won’t, no matter how rich he is), and the gambit has been revived in the last few days, attracting unwary people non-stop.Bleeping Computer and Metamask estimated that in about...

A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.An Auction Fraud That Victimized over 900 AmericansAccording to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor. He managed and...

Central District Court in California sentenced GemCoin founder Steve Chen to 10 years in federal prison. Chen has been announced guilty of being the mastermind and leader of a $147 million crypto Ponzi scheme that involved mining and digital currency fraud, and tax evasion.Over 70,000 Investors Defrauded with Gemstone-backed CryptoAccording to the US Department of Justice, 63-year-old Californian Steve Chen and a team of conspirators have masterminded the fraudulent endeavor that remained...

Indian authorities have arrested a 60-year-old greetings maker for duping about 45 people in investing over $350,000 in a fraudulent cryptocurrency scheme. The accused ran the operation through a designated application and promised double-digit monthly returns.Indian Crypto Fraudster ArrestedAs reported by the Times of India, the local police apprehended Umesh Verma at the Indira Gandhi International Airport upon his arrival from Dubai.Verma had set up his own website and established a...

After a threat of a lawsuit for displaying Bitcoin scams, The Guardian Australia launched an investigation to determine the nature of the increasing number of similar fraudulent activities. It concluded that there’s a group of fraudsters operating a massive global enterprise based in Moscow, Russia.Global BTC Scam Organization RevealedCryptoPotato reported in early October that the giant news media displayed a number of false Bitcoin advertisements that impersonated famous individuals. The...

The US Department of Justice announced that the founder of the Oyster Pearl cryptocurrency project, Amir Bruno Elmaani, has been charged with operating a tax evasion scheme for millions of dollars and was arrested. The 28-year old Elmaani is charged with two counts of tax evasion, each carrying up to five years in prison.Oyster Pearl Founder Charged And ArrestedThe protocol, launched several years ago, was advertised as a digital data-storage platform employing the IOTA blockchain to store...

Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.End of the Road for PlusToken ScammersAccording to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.As previously reported...

The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.AirBit Club Co-founder to Face Criminal Charges in the U.S.According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.Dos Santos, who holds dual citizenship from Brazil and...