Tag Archives: crypto scams

Google’s Threat Analysis Group revealed that cybercriminals have been targeting YouTube content creators in phishing campaigns for the last two years. The bad actors often hijack their channels and either sell them back for a higher price or employ them to broadcast digital asset scams. YouTubers, Stay Alert In its report, Google’s team explained that some hackers recruited in a Russian-speaking forum had attacked many YouTubers with “highly customized” phishing emails and...

The number of cryptocurrency-related crimes in the United Kingdom has significantly surged in the first nine months of 2021 comparing to last year, reads a recent report. The local police warned that bad actors often use a fake celebrity endorsement to lure people in. Youngsters Are The Most in Danger According to a recent Bloomberg coverage, there have been 7,118 reports of schemes related to digital assets in the UK between January and October this year. Victims parted out...

The Federal Bureau of Investigation partnered up with the Israeli Police to arrest 26 people alleged of offenses related to digital currencies employment. While the operation happened in Tel Aviv, it involved victims who all reside abroad. Detaining The Criminals According to a local report, the FBI and the Tel Aviv district fraud unit of the Israeli Police conducted an investigation on criminals who conned tens of millions of shekels from victims. In a recent joint...

American online streaming giant Netflix is preparing to release a documentary, which focuses on the death of Gerald Cotten, founder and CEO of the now-defunct Canadian cryptocurrency exchange, QuadrigaCX. Netflix made the announcement via Twitter on Thursday (September 23, 2021), with the documentary titled “Trust no One: The Hunt for the Crypto King.” According to the synopsis, a group of QuadrigaCX investors who have become investigators will seek to uncover the suspicious...

The 24-year-old Australian national – Stefan He Qin – will spend the next 90 months in federal prison for defrauding his customers out of $90 million. The courts also ordered him to forfeit nearly $55 million from the embezzled money. The Road to Prison According to a press release from the United States Department of Justice, Stefan Qin received a prison sentence for seven and a half years after stealing nearly $90 million from his clients. The Australian was in charge of...

Years after halting its services, the saga with BitConnect has taken another turn as the SEC has filed an action against the founder and some of the promoters. The Commission has alleged that they have swiped more than $2 billion from retail investors through an unregistered offering of digital assets. The SEC Files Charges Against BitConnect Founder Launched in early 2016, BitConnect promoted itself as a platform with a highly advanced trading bot that urged users to deposit...

The Brazilian Federal police exposed a local financial pyramid scheme and confiscated nearly $30 million in cryptocurrencies. The operation marked the largest seizure of digital assets in the history of Brazil. The New Record According to a report by CNN Brazil, the local authorities organized a special mission, called “Operation Kryptos,” to halt a fraudulent pyramid scheme operating in the area of Rio de Janeiro. After inspecting 15 different locations, the Federal Police...

Cryptocurrency scams were reportedly the most common type of fraud in Australia during the first six months of the year. Locals parted with roughly $25 million after becoming victims of such fraudulent schemes. ‘If Something Sounds Too Good to Be True, It Probably Is’ According to a recent report by the Australian Competition and Consumer Commission (ACCC), investment scams have risen to record levels in the country this year. Interestingly, frauds involving digital assets...

The authorities in Texas sentenced the CEO of AriseBank – Jared Rice, Sr. – to spend the next five years in federal prison. Apart from the jail time, the criminal would have to restore approximately $4,250,000, which he embezzled from investors throughout his cryptocurrency-related schemes. Justice at Last According to a recent press release from the US Department of Justice, Jared Rice, Sr. will spend the next 60 months behind bars. The American, who was in charge of...

The President of the Federal Reserve Bank of Minneapolis – Neel Kashkari – opined quite negatively on the crypto industry and especially bitcoin. He referred to many digital assets as “garbage” and claimed they are “complete Ponzi schemes.” Kashkari’s Hostile Stance on Crypto During an appearance at the Pacific NorthWest Economic Region annual summit in Big Sky, Mont., the President of the Federal Reserve Bank of Minneapolis – Neel Kashkari – heavily criticized bitcoin and...