Australian banks stand firm on crypto restrictions
Australia’s cryptocurrency industry faces continued banking challenges as major banks and the government maintain their stance against scams involving digital currencies. During a panel discussion at the Australian Blockchain Week on June 26, Sophie Gilder, Managing Director of Blockchain and Digital Assets at Commonwealth Bank (CBA), highlighted the bank’s restrictions on crypto exchange payments. These […]
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, […]
DFintoch exit scam: investors robbed of millions in shocking cryptocurrency deception
In a stunning turn of events, the team behind the high-yield investment program (HYIP) known as DFintoch is suspected of orchestrating an exit scam, leaving investors dismayed and questioning the project’s legitimacy. The alleged scam involved a disappearance of approximately $31.6 million USDT on the Binance Smart Chain (BSC) after funds were transferred to multiple […]
Is Avalanche fooling its investors and token holders?
The Avalanche blockchain is currently under the crypto community’s radar. Recent reports indicate that Ava Labs, the for-profit company behind the Avalanche blockchain, has employed an army of thousands of false “astroturf” social media accounts to misrepresent public opinion. With this opinion, they can configure it at will, enabling them to sell AVAX tokens, defame […]
US lawmakers question Zuckerberg over crypto scams on Meta apps
US lawmakers have invited Meta CEO Mark Zuckerberg to explain how the platform is combating issues of crypto scams on the platform. According to the update, about seven senators called on the CEO to explain how the company checks the platform for fraud, involves authorities wherever needed, and provides relief for victims that have been […]
TeslaCoin investors lost around $250 in crypto scam on Facebook ads
Recently, a new crypto scam targeted the most vulnerable investors in Canada, Australia, and Europe. According to reports, the fraud is associated with Facebook ads where it is offered to invest in TeslaCoin. It is a well-structured scam medium that takes advantage of the car company’s fame to scam victims. The TeslaCoin scam victims lost […]
NY Attorney General wants to hear from defrauded investors
The recent bearish wave brought many crypto companies to their knees as they couldn’t stand the losses. The result of these changes was the increasing trend of collapse and defaulter. While some companies have gone for lay-offs to ensure that they make up for their losses. As there are possible chances of a scam, NY […]
Nomad lost $190M in a decentralized robbery
Nomad was recently the victim of a crypto theft, where around $190M was stolen. In theory, this would correspond to a code error within the crypto platform that facilitated virtual thefts by copying a simple script. The crypto trade maintains its bullish streak causing the transactions between tokens to increase their fluidity. Nomad, one of […]
Halborn warns traders about a new phishing scam
Blockchain company Halborn has issued a serious announcement to traders that leverage Metamask wallet to trade their digital assets. According to the cybersecurity outfit, hackers and scammers use phishing via emails to steal digital assets belonging to unsuspecting users. In a very detailed analysis given by one of the company’s technical specialists, the scammers use […]
South Korean press accuses Terraform of an investment data scam
Recently the press in South Korea accused TerraForm tricked South Koreans into investing in stablecoin. As indicated by the local media KBS, the crypto platform increased its services and operations in DeFi based on all the stolen information, and the prosecution opened an investigation. Terraform Labs is a crypto company founded in 2018 in the […]
Titanium Blockchain will return the money from those affected by the ICO scam
Recently a crypto businessman who managed to raise around $21M in an ICO IN 2018 pleaded guilty to fraud. The controlling agency in the United States, DOJ, said that the Titanium Blockchain executive director defrauded his clients by offering them the “BARs” ICO, which in the end was just a scam. According to reports, executive […]
SEC permanently bans John McAfee’s ICO partner from digital assets marketing
The Securities and Exchange Commission today named in a final compliance judgment against Jimmy Gale Watson, Jr., a business partner of John McAfee, Concerning his alleged involvement in an ICO scam. In October 2020, McAfee was taken into custody by Spanish authorities. According to a complaint the SEC filed, McAfee invented the antivirus industry. Watson […]
2 QAnon influencers have been blamed for the latest crypto-scams
QAnon, a far-right organization created by a so-called “deep state,” may have flown under the radar of infomercials throughout the year, but now it is trending again by linking up with crypto-scams. While crypto trading is in a time of recession where Bitcoin has lost over 60 percent of its value, this is not limiting […]
Taking Lessons from the WeBuy Project’s Failure and Avoiding the Same Mistakes – An Insider’s Perspective
“Do your own research!” If you had a penny for the number of times you made this statement in the last couple of years, you’d probably have a lot of NFTs sitting pretty in your wallet. Or maybe you’d have lost it to one of the many Bitcoin killers, next big things, and potential 1000x […]
Scammers lure traders with fake LUNA airdrop
Scammers are making moves in the crypto market regarding the recent LUNA 2.0 update released days ago. According to several reports, the Terra team will begin sending out a series of LUNA tokens in an airdrop in some hours. However, there has been an update from PeckShield about the recent moves made by malicious actors […]
Onecoin’s Ruja Ignatova falls on the most wanted list of Europol
On Wednesday, Ruja Ignatova, famous for her role as the CEO of OneCoin, was included in the list of the most wanted fugitives in Europe. Ignatova is a suspect accused of launching the pyramid scam known as OneCoin. It was one of the largest hoaxes in the history of cryptos. Ignatova’s narrative was well used […]
Crypto scam: Idaho warns traders over new investments
Crypto scam is now one of the most prevalent illicit activities across the financial market as malicious actors continue to take advantage of traders. Although some can be recognized from a distance, other scams would have occurred before knowing it. However, the latest statement from the finance department of Idaho has warned traders to be […]
Cryptocurrency hackers steal $77 million in DeFi attack
Crypto hackers have made away with $77 million in proceeds from a theft affecting the recently merged Fei protocol and Rari Capital. The incident is the most recent in a series of hacks that have been directed toward the merged DeFi platforms. Fei Protocol acknowledged a vulnerability that targeted many pools belonging to their affiliate […]
CipherTrace report increased XMR payments for ransomware attacks
TL; DR Breakdown CipherTrace reports an increase in XMR payments for ransomware Chainalysis data confirms the CipherTrace report Hackers are dumping BTC for XMR CipherTrace, a blockchain firm in the crypto market focused on analytics, has announced increased participation of private digital asset, Monero in ransomware attacks. In its latest report looking into the current […]
OFAC sanctions Russian crypto exchange, Garantex and Hydra
TL;DR Breakdown • Hydra would be working from Moscow and Germany.• OFAC will continue to investigate all exchanges that do not comply with its regulations. The foreign fund’s surveillance agency, or OFAC, has penalized the crypto exchanges, Garantex and Hydra Darknet trading platforms. According to reports, both crypto companies are reportedly linked to cyber-crimes, the […]
Better Business Bureau discusses crypto heists and the inadequate regulation in 2021
TL;DR Breakdown • BBB indicates that $8M was lost in crypto fraud.• The president of the Better Business Bureau believes there is a lot of misinformation about cryptos. Recently, Better Business Bureau, a non-profit organization, spoke about the crypto-scams that affected decentralized commerce during 2021. According to the BBB, in 2021 alone, $8M was lost […]
Inverse Finance loses $15.6 million to hackers
TL; DR Breakdown Inverse Finance suffers breach The hacker breached the platform through Keep3r Inverse Finance wants to create a new Oracle Hackers have continued to run riot in the crypto sector despite the many security measures preached across the market. In a recent report, lending platform Inverse Finance has become the recipient of a […]
Scammer connected to $160 million crypto fraud arrested
TL; DR Breakdown Scammer incarcerated in $160 million crypto fraud The scammer was connected to the Morris scam India records a high rate of crypto frauds Authorities in India have apprehended a scammer involved in a crypto fraud that saw more than $160 million scammed off investors. According to the Enforcement Directorate, Abdul Gafoor was […]
Turkish regulators seek life penalty for crypto scammers
TL; DR Breakdown Turkish regulators want scammers incarcerated for life The regulators used the Thodex scam as a benchmark The crypto sector confines to suffer scam attacks In the last few years, the crypto sector has witnessed more scams and hacks related to digital assets than in the past. This is because these malicious actors […]
Li Finance suffers smart contract breach
TL; DR Breakdown Li Finance suffers $600,000 loss in attack The hacker stole from 29 wallets Li Finance offers hacker bug bounty The activities of scammers in the sector have continued to deepen the sector in the abyss of embarrassment. This is because potential traders are always wary of losing their hard-earned cash to malicious […]
Rare Bears suffers phishing attack
TL; DR Breakdown Rare Bears suffers phishing attack The platform lost $800,000 to hackers in the attack Phishing attacks in discord are on the rise Rare Bears, an NFT project that recently debuted in the non-fungible token sector, has been hacked. The hacker was said to have posted a link suspected to be phishing, thereby […]
ACCC slams lawsuit on Meta over scam crypto ads
TL; DR Breakdown ACCC hit Meta with a lawsuit The case will be heard at a federal court ACCC chairman laments Meta’s involvement in the scams The Australian Competition and Consumer Commission has announced that it has officially slammed a lawsuit on Meta. The case, which will be heard at a federal court, alleges the […]
