Tag Archives: crypto scams

After sanctions were imposed on Tornado Cash and Sinbad was shut down following similar actions against the platform, Chainalysis revealed that YoMix, a Bitcoin mixer, has stepped in as an alternative. Recent discoveries by the blockchain analysis firm show that a wallet linked to North Korean hacking operations received funds from YoMix, whereas it used to receive funds from Sinbad. Lazarus Group Shifts Mixer Tactics Sophisticated cybercriminal groups like Lazarus Group have...

According to Scam Sniffer, scammers stole $55 million worth of cryptocurrency in January alone and set up more than 11,000 phishing websites. Notably, most of these thefts occurred on the Ethereum mainnet, with Arbitrum, BNB, Optimism, and Polygon closely behind. Crypto Phishing Attacks Surged in January In a recent Feb. 9 thread on X, Scam Sniffer highlighted a concerning trend observed in January, noting a surge in phishing attacks coinciding with heightened activity within...

Pump and dump schemes commonly entail an individual or a group of actors investing in a token, vigorously advocating for its value to surge, and then swiftly selling off their holdings for substantial gains. This frequently leads to a sharp drop or complete collapse in the token’s value, adversely affecting holders who were unaware of the manipulation. Nevertheless, Chainalysis findings reveal a high failure rate of these schemes. Pump-And-Dumps Plagued by High Failure Rate...

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...