Tag Archives: crypto scams

Football legend Ronaldinho Gaúcho has hinted at a return to the cryptocurrency scene. On June 23, he posted on X, declaring it was time for the asset class to “go mainstream” and urged his followers to join him. However, this announcement has not been met with enthusiasm. Instead, it caused criticism and skepticism from the crypto community, with prominent on-chain investigator ZachXBT leading the charge. Ronaldinho’s Crypto Comeback Sparks Controversy ZachXBT questioned...

CoinStats suffered a security breach late into Saturday as iOS and Android users reported receiving questionable notifications about them being eligible for rewards. However, the notifications took them to a shady website asking them to download another application to receive the rewards. CoinStats updated users about the same on X. “Some iOS users received a scam notification. We’re investigating it. Sorry for the inconvenience. We’ll update you ASAP. Thanks for your understanding.” Some...

Scammers on X are impersonating crypto founders, influencers, and well-known celebrities to prey on unknowing crypto users. In the latest events, scammers used Yi He’s likeness to set up fake accounts and lure crypto holders. Most recently, the fake accounts spoke about giving users free Binance-backed memecoins. The posts contained links that would take users to pages where they could connect their wallets. Such tactics are a tale as old as time. Scammers access user wallets this way and...

Juan Tacuri, 46, of Greenacres, Florida, a senior promoter behind the Forcount cryptocurrency Ponzi scheme, has pleaded guilty to conspiracy to commit wire fraud in the Southern District of New York. The scheme, which reaped $8.4 million from primarily Spanish-speaking investors, has been described as one of the more shocking frauds targeting vulnerable communities. Forcount Promoter Juan Tacuri’s Guilty Plea Damian Williams, the United States Attorney for the Southern...

The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday. The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency. The Scam From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and...

85-year-old former attorney David Kagel has admitted guilt in a conspiracy to operate a cryptocurrency Ponzi scheme, defrauding victims of over $9.5 million. Once a legal authority figure in Beverly Hills, California, Kagel now faces a maximum penalty of five years in prison for his involvement in the Ponzi scheme. Crypto Ponzi Scheme Kagel stood accused of collaborating with co-conspirators to lure victims into a fake crypto investment scheme promising investors high-yield...

According to blockchain security firm CertiK, the cryptocurrency sector lost $42.6 million in May to exploits, flash loans, and exit scams. Despite these setbacks, approximately $96.2 million was recovered, offering some relief from the economic impact. Flash Loan Attacks Dominate Blockchain Losses Flash loan attacks caused the largest losses in the crypto sector, totaling approximately $20.7 million. Sonne Finance suffered the most, losing $20 million, followed by TLN...

In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen, aged 42, was found guilty in March of laundering Bitcoin on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian. According to a recent report, Qian is alleged to have defrauded around 130,000 investors in...

Rashawn Russell, a former investment banker, has been sentenced to 41 months in jail for wire fraud related to a cryptocurrency and access device fraud. Russell’s sentencing took place at the Eastern New York District Court in Brooklyn after his September 2023 guilty plea. Former Banker’s $1.5 Million Crypto Fraud Prosecutors detailed that Russell began soliciting investments in November 2020, targeting friends, former college classmates, and co-workers for his R3 Crypto...

Hong Kong police have taken into custody three employees of a currency exchange shop who are suspected of engaging in fraudulent activities. This followed an incident where a customer at the shop reportedly encountered stacks of “hell money” before executing a cryptocurrency transfer worth approximately HK$1 million. Hong Kong Authorities Arrest 3 for Crypto Fraud On Wednesday, Hong Kong’s technology crime division apprehended three individuals aged between 31 and 34. The...