Tag Archives: crypto scams

The US Department of Justice (DOJ) has brought charges against three people for defrauding investors of nearly $2 billion. According to the DOJ, the individuals promoted a fraudulent cryptocurrency investment program that promised investors high returns. A $1.89 Billion Crypto Scam In a press release on Jan. 29, 2024, the DOJ said that Sam Lee, an Australian living in the United Arab Emirates (UAE), and American citizens Rodney Burton and Brenda Chunga, perpetrated the $1.89...

In the face of a rising tide of scams and exploits, even CertiK, a security firm that specializes in comprehensive security for blockchains, smart contracts, and Web3, is not immune. Scammers are targeting users by fraudulently latching on the company’s brand, which is dedicated to ensuring the security of digital assets and decentralized technologies. In the latest blog post, CertiK revealed that it is facing a myriad of challenges beyond its primary focus on auditing. Among...

Following a previous denial by an Estonian circuit court, the local government has, once again, approved the extradition of two of its citizens suspected of cryptocurrency fraud to the United States. The suspects are accused of running a fake crypto service that defrauded unsuspecting victims of over $500 million. According to local news outlet Postimees, Ivan Turogin and Sergei Potapenko will be extradited to the US, with Estonia’s Ministry of Justice stating that there was...

Manta Network (MANTA), a blockchain project aiming to expand its reach in the Asian market, has found itself entangled in a controversy surrounding allegations of money laundering following its recent listing on the South Korean exchange Bithumb. The controversy emerged when DeFi enthusiast Definalist took to Twitter, suggesting potential misconduct by Manta Network on the day of its Bithumb listing. Money Laundering Allegations Definalist’s tweet highlighted several...

Michael Saylor revealed an alarming trend involving the proliferation of artificial intelligence (AI) generated deepfake videos featuring him. Saylor disclosed that his team is tirelessly working to remove approximately 80 such fake videos daily, most aimed at promoting various Bitcoin scams. Deepfake Videos Promoting Bitcoin Scams ⚠️ Warning ⚠️ There is no risk-free way to double your #bitcoin, and @MicroStrategy doesn’t give away $BTC to those who scan a barcode. My team...

CertiK’s latest report reveals a noteworthy decline in cryptocurrency security incidents in 2023. Total losses came down to $1.84 billion across 751 events, marking a 51% decrease from 2022. Moreover. each incident averaged $2.45 million in losses, with the top ten contributing $1.11 billion. Interestingly, the blockchain security firm found that the median loss per incident was a mere $101,132. November claimed the highest amount lost at $363,367,327 from 45 incidents, while...

ACE Exchange, one of Taiwan’s largest crypto trading platforms, is reportedly under investigation for alleged fraudulent activities, with local authorities estimating the value of the fraud to be over $32 million. However, the company clarified that its employees were not involved in the alleged fraud case. ACE Exchange Founder Arrested for Fraud Allegations According to local news outlet Liberty Times, Taiwanese police arrested the founder of ACE Exchange, David Pan, and 13...

Prominent blockchain security firm CertiK’s X account (previously Twitter) was hacked on January 5th. The compromised account, with a follower count of 342,900, stole crypto from users’ wallets through carefully disguised phishing links. One of the links posted falsely asserted that a vulnerability had been identified in Uniswap’s router contract. The misleading tweet urged users to visit a fake RevokeCash page, claiming it would enable them to reverse any vulnerable...

Wallet drainers are a type of scam that generally operates by cloning a legitimate website, fooling the target into providing their crypto wallet credentials, and then executing a smart contract that sends the users’ funds to bad actors. 🚨1/ Alert: A ‘Wallet Drainer’ has been linked to phishing campaigns on Google search and X ads, draining approximately $58M from over 63K victims in 9 months. pic.twitter.com/ye3ob2uTtz — Scam Sniffer | Web3 Anti-Scam (@realScamSniffer)...

According to a Financial Times report, Meta, the American social media conglomerate, has publicly apologized to Qatari billionaire Wissam Al Mana, committing to enhanced protective measures on its platform following a prolonged legal battle. The apology comes after Al Mana’s image was wrongfully used in cryptocurrency scam advertisements on Facebook. Wissam Al Mana Wins Legal Battle Against Meta Wissam Al Mana, a prominent businessman in the Middle East and ex-husband of...