Indian engineer falls prey to deceptive crypto scheme
In a recent incident, a 53-year-old engineer from Bengaluru, India, suffered a significant financial loss due to a cryptocurrency investment scam. The engineer was deceived into investing Rs 95 lakh (US$114,230) in Bitcoin (BTC) by a scammer posing as a representative of a global investment firm. The deceptive scheme The scam began when the engineer, […]
Crypto con artist’s luck puns out – Here is his 63-month prison term
Esteban Cabrera Da Corte, a 27-year-old Miami resident who oversaw an extensive crypto fraud operation, was sentenced yesterday to 63 months in federal prison. He pled guilty earlier this year to charges stemming from a conspiracy from 2020 to early 2021 in which he illegally obtained crypto coins and then tricked banks into undoing the […]
Inferno Drainer announces plans to halt its operations
In recent developments, Inferno Drainer, a notorious crypto wallet-draining kit, has announced its closure after allegedly assisting phishing scammers in stealing nearly $70 million worth of cryptocurrency throughout the year. The team behind Inferno Drainer announced on November 26 through a Telegram post, stating that it was time for them to move on. Inferno Drainer […]
8 new arrests, including 4 rogue cops, in India’s $300M crypto scam investigation
In a groundbreaking development that has sent shockwaves through the nation and the crypto community, India’s relentless pursuit of justice in the $300 million crypto scam has led to the arrest of eight individuals. The arrest has unraveled a web of deceit that reaches deep into the heart of India’s financial system. Among the apprehended, […]
Hong Kong police issue warning of Binance impersonators, new hotbed for crypto scams?
Hong Kong residents have received a warning from the police regarding fraudulent individuals posing as representatives from Binance and sending deceptive texts. Within the last fortnight, authorities have documented 11 incidents, resulting in reported losses totalling HK$3.5 million. According to a local news report, law enforcement officials have highlighted a post on the “Net Keeper” […]
Five suspects captured in Thailand for $76M crypto investment fraud
In a significant development, a joint international operation led to the arrest of five individuals suspected of orchestrating a massive cryptocurrency scam. The suspects, four Chinese nationals and one Lao citizen, are now facing multiple charges, including public fraud and money laundering. The operation, spearheaded by Thailand’s Cyber Crime Investigation Bureau (CCIB), involved cooperation from […]
Nearly $1 billion lost to crypto exploits, hacks, and scams in 2023: Report
In a year that has seen the cryptocurrency market continue to mature, a darker narrative has also unfolded. Nearly $1 billion has been lost to various forms of cybercrime in the crypto space in 2023, according to a report by CertiK, a blockchain security firm August alone sees $45.8 million in losses Data from CertiK, […]
Friend.Tech is no more – Activity tanks by 94%
The latest craze in the crypto world, Friend.Tech, is facing a significant issue with the presence of automated bots and speculative games. These bots are capable of manipulating the platform, affecting its integrity and fairness. Automated bot activity can manipulate trading volumes, prices, and other market-related metrics. Blink, and you will most probably miss the […]
Crypto scams on Twitter led to $872k in losses a year, new study finds
A new study has revealed that crypto scams made off with over $800,000 in one year by taking advantage of Twitter’s list feature to promote fake cryptocurrency giveaways. Crypto scams on Twitter led to over $872,000 in losses, according to the study conducted by researchers at San Diego State University. The researchers developed a system […]
US state agency warns of soaring crypto scams on social media platforms
The Vermont Department of Financial Regulation (DFR) issued an investor alert on July 20, 2023, highlighting the increasing risks associated with cryptocurrency investments on social media platforms and urging the public to exercise extreme caution. The alert was prompted by a recent NPR story featuring 74-year-old Naum Lantsman, who lost his life savings to a […]
Crypto fraudster lands 8-year prison term for UAE scam
In a landmark legal ruling, a Nigerian citizen and resident of the United Arab Emirates has been sentenced to an eight-year term in a federal prison. The case marked a significant turn in the battle against crypto fraud, revealing the risks and ramifications that lie beneath the lure of the burgeoning digital economy. Olalekan Jacob […]
Bengaluru businessman falls victim to ₹52 Lakh Bitcoin scam
Nalagani Gururaju, a 39-year-old businessman from Bengaluru, lost over ₹52 lahk in a Bitcoin scam. The tale began innocently enough when an anonymous individual contacted Gururaju through WhatsApp, offering him a part-time job to subscribe to various YouTube channels, for which he was paid ₹50 per subscription. His foray into the world of cryptocurrency started […]
Ransomware actors and scammers exploit cloud mining services for crypto laundering: Report
Cloud mining services have become increasingly utilized by cybercriminals to facilitate cryptocurrency laundering. What was initially observed in nation-state actors has now been adopted by ransomware operations and cryptocurrency scammers, according to a report by blockchain analytics firm Chainalysis. This trend sheds light on the growing sophistication of criminals in their pursuit of illicit gains, […]
Spanish authorities bust criminal gang in $110 million cryptocurrency scam
The sun-drenched paradise of Mallorca was not immune to the dark schemes of a criminal organization recently busted by Spanish authorities. This group of wrongdoers, who operated a massive cryptocurrency scam, swindled over €100 million ($110 million) from unsuspecting victims scattered across the globe. As per recent reports, one of the gang members of the […]
China takes down fake crypto wallet operation – Details
China authorities have made a significant breakthrough in the fight against fake crypto wallets by arresting a criminal gang involved in manufacturing and distributing them. China takes a stand According to reports, the Shanxi police have arrested the gang and they are currently investigating the case. It is worth noting that this is not an […]
AI-based project reported to have stolen nearly $1m from users
CertiK’s blockchain security platform recently confirmed that Harvest Keeper, a project claiming to be “AI-based,” has stolen nearly $1 million from its users in an apparent scam. The firm reported that users had lost around $933,000 of their assets and $219,000 from fraudulent transactions across the Ethereum, BNB Smart Chain, and Polygon networks. As a […]
Report reveals the role of the dark web in crypto scams
The report released by Certik, is a reminder of the level of risk crypto platforms face from the dark web. For as little as $8, rogue actors can purchase Know Your Customer (KYC) details, the report revealed. With the rising popularity of cryptocurrencies, scammers are now finding a safe haven in the anonymity they provide. […]
Aussies Crypto investors already lost $242M to scams in 2022
According to the most recent data from Scamwatch, Australians have continued to fall for investment and cryptocurrency-related scams, handing out 242.5 million Australian dollars to fraudsters in 2022. The majority of the money lost to scams of any kind between January and July of this year was investment scams, which can include everything from traditional […]
Unprovoked Attack on LUNA – Inside Job or a Brilliant Villain on the Lose?
“At the height of their civilization, the Spartan society functioned astutely and was popular throughout Europe. We still talk about it today because it was a unique experiment that held its own for a long time. However, its inflexibility in the face of a dynamic adversary and internal saboteurs led to its downfall.” – Mitch […]
Chainalysis report: DeFi sector responsible for 97% of hacks
Chainalysis, a firm focused on the activities on blockchains has unveiled a new report looking into criminal activities in the crypto market. According to the on-chain analysis firm, most of the hacks carried out in the sector occurred in the Decentralized Finance market. Asides from the fact that money laundering activities have also skyrocketed, hackers […]
Unscrupulous crypto trader gets 42 months for fraud
An unscrupulous crypto trader who cheated more than 170 people was convicted and handed 42 months imprisonment On May 11. The Department of Justice sentenced the culprit for running a series of crypto funds that falsely claimed to produce large returns. However, they were making losses and instead worked as a pyramid scheme. The DOJ […]
Mining Capital Coin CEO arraigned in $62 million fraud
Mining Capital Coin CEO Luiz Capuci Jr has just been arraigned in an investment fraud case totaling $62 million. According to the Department of Justice, Capuci used the platform owned by his company to defraud several investors globally. The DOJ has announced that Capuci would be charged with several offenses, including using the Mining Capital […]
Crypto scam: Elon Musk plans elimination of scam tweets
TL; DR Breakdown Elon Musk will eliminate scam tweets if he purchases Twitter Musk complained about the high volume of crypto scams on Twitter The Crypto community has mixed reactions concerning the purchase The news that Tesla CEO Elon Musk plans to buy Twitter is no longer rumors, with the man posting an SEC filing […]
