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Tether, the largest stablecoin issuer in the cryptocurrency market, has been of immeasurable assistance to the U.S. Department of Justice (DOJ) in its efforts to recover more than $6 million connected to a cryptocurrency fraud scheme from Southeast Asia. The scam was that criminals would mimic real cryptocurrency businesses to lure in investors. This was […]
The commodity futures trading commission (CFTC) is expanding its approaches to prevent consumers from being duped by crytocurrencies fraudsters. The Office of Customer Outreach and Education (OCEO) has worked with several credible organizations to provide specific anti-fraud message. This move is in line with the ongoing efforts to educate the public on the rising cases […]
Crypto scammers are shifting from large-scale Ponzi schemes to more focused strategies like emotionally manipulative pig butchering, work-from-home scams, drainers, and address poisoning, blockchain analytical firm Chainalysis stated in a new report According to the firm, both on-chain and off-chain activity indicate that scammers are refining their tactics to conduct shorter and more profitable campaigns […]
The post Crypto scammers ditch Ponzi schemes for emotionally manipulative scams, says Chainalysis appeared first on CryptoSlate.
The U.S. Treasury Department has put the Karen National Army, a Burma Militia group, on its list of the sanctioned entities due to alleged involvement in large-scale crypto fraud. The announcement made on May 5 by Treasurys Office of Foreign Assets Control also outlined that KNA was playing a crucial role in a large group […]
The scammers convinced victims to transfer millions of dollars into U.S. bank accounts, which were then used to launder the illicit funds.
Key Takeaways In the increasingly complex world of cybercrime, marketplaces based on the Telegram messaging app are supplanting the more established darknet platforms. A prime example is Xinbi Guarantee, a vast operation entrenched in illicit finance with its nominal headquarters in Colorado, USA. In spite of apparently legitimate incorporation as Xinbi Co., Ltd in August […]
In March, sophisticated crypto address poisoning scams drained over $1.2 million from unsuspecting investors, highlighting a troubling rise in phishing attacks. These scams trick victims into sending their funds to fraudulent wallet addresses that closely resemble their legitimate ones. Address poisoning, also known as wallet poisoning, works by scammers sending small transactions to a targets […]
A United States District Judge, Amos Mazzant, has ruled that Binance, the world’s largest cryptocurrency exchange by client count, is not liable for the loss incurred by a Texan woman named Divya Gadasalli who lost $8 million in a pig butchering scheme. Binance Is Not Liable In a ruling on May 22, Judge Amos dismissed the [...]
The post Woman Loses $8 Million In Crypto Scam, But Court Says Binance Is Not Liable appeared first on Crypto Breaking News.
The plaintiff, a Texan woman, initially blamed Binance for losing $8 million in a pig butchering scam that began on Tinder.
The story of a man who fell victim to a crypto romance ("pig butchering") scam and lost his life savings.
Continue reading He Fell Victim to Crypto Romance Scam: What’s Waiting Ahead? at DailyCoin.com.
The FBI says alongside regular methods of payment such as wire transfers and prepaid cards, crypto ATMs are also becoming a prominent tool for crypto investment scammers.
<p>American cryptocurrency exchange, Coinbase, has raised concern over increase in the number of romance-investment scams called ‘pig butchering’ or ‘Sha zu pan'.</p><p>This type of scam occurs when a scammer sources for victims through dating apps and social media and builds “trust with their victim, sometimes over a long time period of weeks or months.”</p><p>The Coinbase Global Investigations, Trust & Safety, and Threat Intelligence Teams expressed worry on the rising popularity of this scam in <a href="https://blog.coinbase.com/security-psa-sha-zhu-pan-pig-butchering-investment-scams-9998ee163cae">a security PSA </a> released on Thursday.</p><p>Coinbase explained, “Recently, a noteworthy increase in scams purporting to be foreign exchanges or crypto trading platforms that are spread by scammers who use dating apps to lure victims. </p><p>“While <a href="https://www.financemagnates.com/fintech/is-the-uk-fca-doing-enough-to-stop-investment-scams/" target="_blank">investment scams</a> and romance scams are not unique to the cryptocurrency ecosystem, the irreversible nature of cryptocurrency transactions can make these scams devastating.”</p><p>The publicly-traded company, however, noted that it works closely with law enforcement actors across the world to protect its customers from different forms of targeted cyber attacks.</p><p>Modus Operandi</p><p>For this nature of scam, <a href="https://www.financemagnates.com/tag/coinbase/" target="_blank">Coinbase </a>explained that fraudsters typically claim that they have received enormous financial gains from a cryptocurrency investment and convince their victims to also invest in such schemes. </p><p>At other times, the scam might come in the form of offering to teach victims how to trade successfully.</p><p>The distributed company explained, “Victims are directed to visit a fraudulent website that often looks like a legitimate <a href="https://www.financemagnates.com/terms/t/trading-platform/" target="_blank">trading platform</a> and coached to deposit funds into an account that is controlled by the scammer.</p><p>“Some victims even receive a small amount of funds that are claimed to be ‘returns’ on their investment to entice them to invest even larger sums.</p><p>“When the victim tries to withdraw funds from the site, they are then told they owe a tax payment or service fee before their funds will be released in an effort to further extort them for money.”</p><p>Coinbase noted that its teams identify and add addresses associated with scams to its products’ blocklists to shield its customers. </p><p>The exchange urged its users to be vigilant against this type of scam.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Chainalysis reveals the intertwining of human trafficking with crypto scams in Southeast Asia, highlighting the urgency to combat these digital age crimes. (Read More)
Australians lost $148.3 million (AUD$221.3 million) from investment scams where cryptocurrency was used as the payment method in 2022 — a 162.4% increase from 2021. According to an April 17 scam activity report from the country’s consumer regulator, the Australian Competition and Consumer Commission (ACCC), 3,910 crypto scam incident reports were made in total and [...]
The post Australian crypto scams increased by over 162% with nearly $150M lost appeared first on Crypto Breaking News.
The latest Cointelegraph video explores one of the most dangerous crypto scams, pig butchering, by sharing some of the victims real stories.
Vietnamese police arrest five individuals linked to a crypto scam network, unraveling an offshore-led operation targeting unsuspecting victims.
Operation Shamrock, led by Erin West, tackles crypto crimes and pig butchering scams through collaboration and innovation in law enforcement strategies. (Read More)
California resident Ken Liem accused three banks of failing to perform adequate checks that could have blocked scammers from opening accounts.
The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various cryptocurrency confidence scams,” the Justice Department said. $112 Million in Crypto Seized by DOJ The [...]
The post US Justice Department Seizes Cryptocurrency Worth $112 Million in ‘Pig Butchering’ Crackdown appeared first on Crypto Breaking News.
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