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CATEGORY: criminal


Rising crypto crimes in Australia prompt call for tougher regulations

Author: Cointelegraph by Arijit Sarkar
United States
Jul 16, 2024 12:00

Rising crypto crimes in Australia prompt call for tougher regulations

AUSTRAC's latest report highlights a rise in criminal use of cryptocurrencies, urging stricter regulations and international cooperation to combat money laundering.

How cybercriminals are exploiting digital twins to scam crypto users

Author: Cointelegraph by SK Arora
United States
May 06, 2025 12:00

How cybercriminals are exploiting digital twins to scam crypto users

What is a digital twin?

A digital twin is a virtual model or replica of a physical object, system or process. It’s like a digital mirror, allowing us to simulate, monitor and predict the behavior of real-world entities in real-time. 

These virtual counterparts are designed to pull data from physical sensors or inputs, providing a continuous feedback loop that helps with analysis, optimization and decision-making. Digital twins can represent almost anything, from machinery in a manufacturing plant to human behavior or entire cities.

In industries like healthcare, automotive, manufacturing and urban planning, digital twins allow for better resource management, predictive maintenance and more accurate simulations before physical changes are made. In essence, they help prevent costly mistakes by modeling complex systems in the virtual world before implementing them in the real world.

Digital twins have taken on a darker role in the blockchain and cryptocurrency sectors. Cybercriminals use digital twin technology rather than simulating physical objects to create synthetic identities, replicas of real individuals, often derived from stolen data. These digital copies are then used to infiltrate online communities, impersonate influencers or executives, or manipulate systems for financial gain.

How cybercriminals weaponize digital twins to scam crypto users

In the crypto world, where anonymity and trustless transactions reign supreme, digital twins have emerged as a potent tool for cybercriminals to exploit. Scammers can take advantage of the decentralized, unregulated nature of crypto platforms to perpetrate these frauds. 

 

Here’s a deeper look at how scammers weaponize digital twins:

  • Identity cloning: Cybercriminals gather personal data from social media, data breaches and other online sources to create a highly accurate digital twin of a real person. This might include images, voice recordings, writing style and even behavioral patterns. Once the digital twin is created, it can be used to impersonate individuals and gain trust from others in the crypto community.
  • Fake influencers or advisers: Crypto influencers, who often command significant trust and attention, are prime targets for digital twin scams. By replicating their speech patterns, mannerisms and even generating deepfake videos, scammers can pose as trusted personalities in the space. These fake versions may promote fraudulent investment schemes, fake tokens or manipulate users into sending crypto to scam wallets.
  • Synthetic KYC (Know Your Customer) scams: Some digital twins are created to bypass KYC processes on exchanges or decentralized finance (DeFi) platforms. Attackers can generate fake identities and provide forged documents or images to appear legitimate, gaining access to accounts or executing unauthorized transactions. This can enable criminals to launder stolen funds or impersonate legitimate traders.
  • Phishing with personalization: Phishing scams in the crypto space often target individuals with highly personalized messages. When a scammer creates a digital twin of a known figure, they can tailor their communications to appear more convincing. By using these personalized messages, they trick victims into clicking on malicious links, giving away private keys or downloading harmful software.
Did you know? In 2023, a Hong Kong finance employee was tricked into transferring $25 million after joining a video call with what turned out to be deepfake versions of their colleagues, generated using publicly available footage. Examples of digital twin-related scams in crypto

While digital twin scams in crypto might sound futuristic, they’re already happening, and AI is a big part of the problem. These scams don’t always rely on evil digital twins alone; many use deepfake videos, AI-generated profiles and hallucinated interfaces to deceive users. 

Here are some real-world examples:

  • Deepfake CEO scam defrauds chief financial officer via video call: In a sophisticated attack, scammers created digital avatars of a company’s CEO and executives using publicly available video materials. They conducted a video call with the company’s chief financial officer, convincing him to transfer funds under false pretenses. The digital twins were so convincing that the executive did not suspect foul play during the call.
  • UI spoofing mimics trusted crypto platforms: Cybercriminals have employed UI spoofing to create near-perfect replicas of legitimate cryptocurrency platforms. These counterfeit interfaces trick users into entering sensitive information or making transactions, believing they are interacting with the real platform. The high fidelity of these digital twins makes them particularly dangerous, as they can bypass traditional security measures.
  • AdmiralsFX scam uses deepfakes to lure investors: A large-scale scam operated by a call center in Tbilisi, Georgia, used deepfake videos of celebrities to promote a fraudulent cryptocurrency investment platform called AdmiralsFX. Victims were shown AI-generated videos of public figures endorsing the platform, leading them to invest substantial amounts of money. The operation defrauded over 6,000 individuals, highlighting the potent combination of deepfake technology and social engineering.
How to spot interactions with evil digital twins: 6 Red flags

Digital twin scams rely on sophisticated impersonation techniques, and scammers often use synthetic identities to build trust and manipulate their targets. 

To help you stay alert, here are six red flags that can help you identify interactions with synthetic identities. Watch for these warning signs to protect yourself from falling victim to fraud.

Digital twin scams in crypto often hide behind polished, AI-generated responses that sound perfect but lack authenticity. If someone avoids live video calls and instead offers pre-recorded clips or deepfakes, be skeptical. Real people show up. 

Scammers frequently use urgency, pushing you to act fast with phrases like “limited offer” to bypass your judgment. One major red flag is receiving unverified crypto requests via DMs — legit professionals don’t do that. Always check profiles for inconsistencies like low follower counts or recent creation dates. 

Finally, be wary if someone insists on sticking to one platform and refuses to switch to secure or verified channels. These tactics combined often signal a coordinated scam using digital twin or AI deception.

Did you know? Unlike traditional simulations, digital twins are dynamic virtual environments powered by real-time data. While a simulation models one process, a digital twin can run multiple simulations at once, constantly learning and adapting through a live feedback loop.

Can blockchain help prevent digital twin-powered crypto scams?

While blockchain technology is often targeted by cybercriminals due to its decentralized and pseudonymous nature, it also holds the potential to offer powerful solutions for combating digital twin-based scams.

Blockchain, with its transparent and immutable features, provides unique tools that can help verify identities and secure transactions, making it harder for scammers to manipulate the system. Leveraging blockchain’s capabilities introduces robust security layers that verify the legitimacy of interactions, helping reduce fraud, identity theft and digital impersonation.

  • Onchain identity verification: One of the most important developments in blockchain technology is the concept of decentralized identity (DID). With DID, individuals can verify their identity on the blockchain without relying on centralized authorities. This ensures that scammers cannot create synthetic identities without being detected. Blockchain provides a transparent, secure and verifiable system for managing identities, reducing the risk of impersonation.
  • NFT identity markers: Some platforms use non-fungible tokens (NFT) as a form of digital identity. NFTs are unique and traceable on the blockchain, which makes it much harder to clone someone’s identity. If you’re engaging with a person who has a verified NFT identity, you can be more confident that they are who they claim to be.
  • Immutable audit trails: Every transaction on the blockchain is permanently recorded and timestamped. This means that if someone tries to impersonate another person or create a fraudulent identity, their actions leave a trace. If a synthetic identity is used to scam individuals, the blockchain’s audit trail can help authorities track the perpetrator.
  • Smart contract protections: Smart contracts on blockchain can be used to implement certain safeguards. For instance, smart contracts can include identity verification processes, ensuring that transactions aren’t processed unless the user’s identity is verified. This can help prevent users from sending crypto to scammers using fake identities.

While not a silver bullet, blockchain can significantly strengthen trust and security in increasingly AI-powered digital environments.

Apr 28, 2025 05:55

Decoding Crypto Price Manipulation: Uncovering How Cybercriminals Impact the Market

Cryptocurrency Price Manipulation: Unraveling How Cybercriminals Impact the Market Cryptocurrency price manipulation is a serious issue in the digital asset market. Cybercriminals utilize various tactics to influence prices and take advantage of unsuspecting traders. Understanding how these manipulations occur is crucial for investors to protect themselves and make informed decisions. One common method of price [...]

The post Decoding Crypto Price Manipulation: Uncovering How Cybercriminals Impact the Market appeared first on Crypto Breaking News.

Mar 30, 2023 06:55

Global Governments Request More Personal Data from Big Tech


A new study by Surfshark shows that global government requests for personal user data from Big Tech companies such as Meta, Apple, Google, and Microsoft have been on the rise since 2013. The study reveals that Meta had the most accounts of interest from authorities, while Apple had the fewest. Most requests came from authorities in the United States and Europe and were related to criminal investigations and civil or administrative cases. (Read More)

Jul 30, 2023 10:30

Maine Senator Urges Biden to Consider Clemency for Ross Ulbricht During President’s Auburn Visit

On July 28, 2023, U.S. president Joe Biden made a trip to Auburn, Maine, where he delivered a speech at Auburn Manufacturing and subsequently attended a private fundraising gathering. Eric Brakey, the Republican senator representing Maine, greeted Biden upon his arrival in Auburn and handed him a note. In the message, he suggested that the [...]

The post Maine Senator Urges Biden to Consider Clemency for Ross Ulbricht During President’s Auburn Visit appeared first on Crypto Breaking News.

Mar 03, 2025 05:50

United Kingdom Issues Landmark Criminal Sentence for Illegal Crypto ATMs

A crypto ATM operator in the UK has been sentenced in the first case of its kind involving unregistered cryptocurrency. The individual was found guilty of running illicit crypto ATMs without proper registration, violating regulations set forth by the authorities. The operator’s illegal activities were uncovered during an investigation into the usage of unregistered crypto [...]

The post United Kingdom Issues Landmark Criminal Sentence for Illegal Crypto ATMs appeared first on Crypto Breaking News.

Mar 28, 2025 05:55

Dark Web Criminals Boast possession of 100K+ Gemini and Binance User Data

The unauthorized access to user information on cryptocurrency exchanges like Gemini and Binance has resulted in hackers selling leaked data. This breach in security raises concerns about the safety of personal and financial information stored on these platforms. The compromised data may include sensitive details such as email addresses, phone numbers, and even account login [...]

The post Dark Web Criminals Boast possession of 100K+ Gemini and Binance User Data appeared first on Crypto Breaking News.

Mar 28, 2024 03:15

KuCoin and Founders Charged with Bank Secrecy Act and Money Transmission Offenses


KuCoin, along with its founders Chun Gan and Ke Tang, has been charged with violating the Bank Secrecy Act and operating an unlicensed money transmission business, allegedly allowing its platform to be used for money laundering and terrorist financing. (Read More)

Mar 28, 2023 10:30

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO [...]

The post Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials appeared first on Crypto Breaking News.

Jun 26, 2023 05:50

Crypto travel rule implementation ‘remains relatively poor,’ says FATF

A renewed call from the Financial Action Task Force (FATF) has asked countries to implement the “travel rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23, the United Nations body — whose role is to promote strategies to combat money laundering and terrorist financing — explained that “many” member [...]

The post Crypto travel rule implementation ‘remains relatively poor,’ says FATF appeared first on Crypto Breaking News.

Mar 27, 2023 05:50

Arrested Bitzlato Exchange Founder Seeks Help From Crypto Community

The founder of crypto exchange Bitzlato, who is facing a money laundering case in the U.S., is seeking support from members of the community. Anatoly Legkodymov was arrested in January for his role in the trading platform which allegedly processed millions of dollars’ worth of illicit funds. Bitzlato Founder Looking for Bail Guarantors in U.S. [...]

The post Arrested Bitzlato Exchange Founder Seeks Help From Crypto Community appeared first on Crypto Breaking News.

Apr 24, 2023 01:20

Report: US Revenue Collector IRS to Send Four Crypto Crime Investigation Agents Abroad

The Internal Revenue Service (IRS) is planning to send investigators to four countries where they are expected to tackle the use of crypto and decentralized finance products in global financial and tax crimes. According to the tax collector’s spokesperson, the IRS will be able to determine the success of the pilot program by rating the

The post Report: US Revenue Collector IRS to Send Four Crypto Crime Investigation Agents Abroad appeared first on BTC Ethereum Crypto Currency Blog.

Mar 11, 2023 02:15

Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit


A federal judge in Florida is considering dismissing Shaquille O’Neal and Naomi Osaka from the FTX lawsuit due to uncertainty about whether they were served. The judge reprimanded other celebrity defendants for not following proper procedure in requesting a conference extension. A consolidation request by some plaintiffs against FTX was denied, and lawyers for former FTX CEO Sam Bankman-Fried noted the possibility of pushing back the criminal trial scheduled for October 2023. (Read More)

Mar 09, 2023 06:55

FTX Founder's Lawyers Consider Delaying Criminal Trial


Lawyers representing FTX founder Sam Bankman-Fried have hinted that they may need to delay his criminal trial due to a lack of evidence from the Department of Justice (DOJ). The trial, which is scheduled to begin on October 2, will focus on fraud charges against Bankman-Fried. His lawyers have stated that they are still waiting for a "substantial portion" of evidence to be handed over to them, including evidence from devices belonging to former FTX employees who have pleaded guilty to fraud charges. (Read More)

Wyoming lawmakers pass bill to prevent forced disclosure of private keys

Author: Cointelegraph By Brayden Lindrea
United States
Feb 16, 2023 08:20

Wyoming lawmakers pass bill to prevent forced disclosure of private keys

If Wyoming Governor Mark Gordon signs the bill, from July 1 individuals in Wyoming will be protected from being forced to divulge their private keys, with one limited exception.

Feb 08, 2023 06:35

How Do Cops Take Down Crypto-Criminals? Here’s How

The criminal lords inhibiting in different lawless corners of the internet have boasted and operated freely in various activities. These lawless activities include money laundering, [...]

Cybercriminals Likely to Deviate From Cryptocurrencies, Says Kaspersky Report

Author: Vignesh Karunanidhi
Estonia
Nov 23, 2022 07:10

Cybercriminals Likely to Deviate From Cryptocurrencies, Says Kaspersky Report

The ability of cybercriminals to move money securely is predicted to be hindered as regulations and tracking technologies advance, making Bitcoin (BTC) a less alluring payment option. In a report released on Nov. 22 by the cybersecurity company Kaspersky, it was noted that the use of Bitcoin in ransomware negotiations and payments would decrease as […]

Aug 08, 2022 02:20

Russian National Extradited to the U.S. to Face Crypto Money Laundering Charges


Alexander Vinnik, a Russian national accused of running an illegal crypto exchange BTC-e was extradited to the United States to face fraud charges. (Read More)

Apr 20, 2022 04:05

Russian Bankers Suggest Criminalizing Crypto Storage in Non-Custodial Wallets

Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks. While financial regulators think the idea deserves attention, lawmakers and experts doubt it’s possible to implement such a measure. Russian Banks Move to Curb Use of Private Cryptocurrency Wallets Challenges with foreclosure and… More

The post Russian Bankers Suggest Criminalizing Crypto Storage in Non-Custodial Wallets appeared first on BTC Ethereum Crypto Currency Blog.

Apr 07, 2022 05:10

Bank of England Governor Says Crypto Creates ‘Opportunity for the Downright Criminal’ – Regulation Bitcoin News

The governor of the Bank of England, Andrew Bailey, has warned that crypto creates an “opportunity for the downright criminal.” The central bank chief described: “You only have to ask the question ‘What do people committing ransom attacks usually demand payment in?’ The answer is crypto.” Bank of England’s Governor Warns About Cryptocurrency Bank of […]

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