Singapore commits $74.3M for quantum and AI in finance

The Monetary Authority of Singapore injects funds to enhance quantum computing and AI in Singapores finance sector, supporting local institutions with substantial co-funding.

View Details

NY Attorney General sues crypto trader NovaTech, claims $1B fraud

Two people took in $1 billion in crypto deposits and traded $26 million of it, the suit alleges.

View Details

Rising Coordination of Crypto Market Manipulation Schemes

Cryptocurrency Market Manipulation Tactics Exposed Are shady tactics influencing the cryptocurrency market? A recent investigation has shed light on various manipulation schemes used to distort prices and deceive investors. The cryptocurrency market, known for its volatility, has become a hotspot for market manipulation. From pump-and-dump schemes to spoofing and wash trading, there are numerous ways [...]

View Details

Former banker sentenced to 41 months for crypto fraud

Rashawn Russell, a former Deutsche Bank executive, also intended to commit fraud with stolen bank cards.

View Details

Texas Regulator Halts Alleged Crypto Cloud Mining Scheme

The Texas State Securities Board has taken action againstArkbit Capital, issuing a cease and desist order for its involvement in allegedfraudulent crypto cloud mining activities. Led by Financial Examiner AlexisCantrell, the board's investigation revealed purported deceptive practices byArkbit Capital and its associated entities.

Allegations of Deceptive Practices

Among the accusations, Arkbit Capital stands accused ofemploying deceptive image and video manipulation tactics to promote itsinvestment offerings. The company, along with its affiliates Arkbit CapitalHoldings, ABC Holdings LLC, and ABC Mining, allegedly misrepresented itsoperations, claiming to run Arkansas-based data centres for cryptocurrencycloud mining.

Investors were enticed with promises of significant dailyreturns ranging from 1.6% to 2.8% over a 120-day period on digital assetdeposits within a specific range. However, the board's order asserts that thesepromises were unfounded.

Furthermore, Arkbit Capital purportedly usedCoinPayments.Net, a payment processor, to handle transactions for itsinvestment plans, despite restrictions barring users from certainjurisdictions, including the United States. It was discovered that the accountholder linked to Arkbit's CoinPayments account was Paras Khivesara, located inHyderabad, India, rather than in Arkansas as claimed.

Additionally, the board highlighted instances of manipulatedmedia, including a video purportedly featuring the company's CEO and founderspeaking at a cryptocurrency conference in Austin, Texas. However, no evidencewas found to support the presence of Delmar Estabrook or Arkbit Capital at thesaid event.

Texas regulator orders Arkbit Capital to cease operations for alleged crypto scamThe Texas State Securities Board has issued a cease and desist order against crypto miner Arkbit Capital for engaging in fraudulent crypto cloud mining activities, Cointelegraph reported. The

Official Highlights Risks

In response to these findings, Joe Rotunda, Director of theEnforcement Division at the Texas State Securities Board, emphasized theimportance of vigilance when encountering social media investmentopportunities.

This is a common tactic we see in online crypto investmentscams. By appearing to be part of the cryptocurrency industry, bad actorsattempt to seem like legitimate contributors to the space. Dont be fooled,said Rotunda.

This incident adds to a series of Ponzi scheme casesinvolving cryptocurrency that have surfaced in the United States over the pastyear, reflecting challenges within the digital asset investment landscape.

View Details

Arkbit crypto mining MLM fraud busted by Texas regulators

Arkbit falsely claimed to operate Arkansas-based data centers for cloud mining various cryptocurrencies.

View Details

Australian Man Pleads Guilty to $3.6B Crypto Ponzi Scheme, Faces Sentencing in July

John Bigatton, a Sydney man, has admitte­d guilt to promoting a cryptocurrency Ponzi scheme that swindle­d investors out of a staggering $3.6 billion. Bigatton, from Carss Park in New South Wale­s, pleaded guilty in Sydney District Court to acting as an unlice­nsed financial advisor while spruiking BitConnect’s Le­nding Platform in late 2017 and early 2018. […]

View Details

New Zealand man apprehended in $265 million cryptocurrency scheme linked to FBI investigation

A man from New Zealand has been apprehended by the FBI in connection with a cryptocurrency scam worth $265 million. The arrest comes after an extensive investigation into the fraudulent scheme, which reportedly defrauded numerous victims of substantial amounts of money. The suspect, whose identity has not been disclosed, is believed to have played a [...]

View Details

Bubblemaps Warns: Fake Eric Trump Token Poses Risks of Becoming Rug-Making Scheme

Eric Trump Accuses Blockchain Data Firm of Creating Fake Token Rug Eric Trump has recently accused a blockchain data analytics company of creating a fake token rug. The company in question has been under scrutiny for its alleged involvement in fraudulent activities within the cryptocurrency space. This accusation has sparked controversy and raised concerns about [...]

View Details

The Bitcoin Ponzi Scheme Paradox

Detractors claim Bitcoin to be a Ponzi scheme. A history of such schemes shows this to be untrue. Yet, paradoxically, Bitcoin is being used to perpetuate the largest Ponzi scheme in history. The second report in the "FUD Fighters" series powered by HIVE Digital Technologies LTD.

View Details

Greed and Deceit Land South Korean in Prison After $2M Crypto Scam

The war on crypto investors continues as few individuals were recently caught in a crypto scam web. A man in his 30s from South Korea has been convicted for 3 years by the 2nd Criminal Division of the Changwon District Court in Gyeongnam Province for defrauding a cryptocurrency investor out of 2.93 billion won, roughly […]

View Details

SafeMoon LP Compromised

SafeMoon, a cryptocurrency project endorsed by celebrities, announced its liquidity pool was attacked, but gave no further details. Experts suggest a recent software upgrade may be to blame for the vulnerability that allowed an attacker to remove SafeMoon tokens and sell them at an inflated price. (Read More)

View Details

Robert Kiyosaki Sees Bitcoin as Perfect Asset at the Right Time Calls US Dollar Giant Ponzi Scheme

Rich Dad Poor Dad author Robert Kiyosaki has answered multiple questions about bitcoin and the U.S. dollar. Declaring that he is a bitcoin bull, the famous author said the cryptocurrency “is the perfect asset at the right time.” While acknowledging the possibility of bitcoin “going to zero,” he countered by suggesting that fiat currencies like [...]

The post Robert Kiyosaki Sees Bitcoin as Perfect Asset at the Right Time Calls US Dollar Giant Ponzi Scheme appeared first on Crypto Breaking News.

View Details

Crypto Ponzi Schemes vs. Legit Investments: How to Spot and Avoid Cryptocurrency Scams

Learn how to identify crypto Ponzi schemes and avoid cryptocurrency scams. Discover red flags, common fraud tactics, and key signs of legitimate investments.

View Details

A $300M Ponzi Scheme That Targeted Latinos Falsely Claimed to Buy Crypto, SEC Says

The U.S. Securities and Exchange Commission sued 17 individuals tied to an alleged Ponzi scheme that took in $300 million from over 40,000 victims.Source: CoinDesk

The post A $300M Ponzi Scheme That Targeted Latinos Falsely Claimed to Buy Crypto, SEC Says appeared first on Crypto Breaking News.

View Details

Jake Paul-endorsed SafeMoon gets hacked after introducing a bug in upgrade

SafeMoon, a project previously endorsed by A-list celebrities and social influencers such as Jake Paul and Soulja Boy, announced its liquidity pool (LP) was compromised. Without revealing further details about the attack, SafeMoon confirmed undertaking steps “to resolve the issue as soon as possible.” Just like many other crypto projects in 2021, SafeMoon was backed [...]

The post Jake Paul-endorsed SafeMoon gets hacked after introducing a bug in upgrade appeared first on Crypto Breaking News.

View Details

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

On Tuesday, French officials conducted raids on five major banks located in and around Paris, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, over alleged charges of money laundering and fiscal fraud. According to a spokesperson for France’s Financial Prosecutor’s Office (PNF), the preliminary investigation into four French banks and one international [...]

The post French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud appeared first on Crypto Breaking News.

View Details

Brit Gets Prison Time for Twitter Hack Impersonating Biden, Buffett in Bitcoin Scheme

A U.K. citizen has been sentenced by ? New York court to five years in prison for his role in a Twitter hack including the hijacking of accounts of U.S. political and business figures. The man is also responsible for the theft of large amounts of cryptocurrency in a SIM swap attack. Hacker Goes to

The post Brit Gets Prison Time for Twitter Hack Impersonating Biden, Buffett in Bitcoin Scheme appeared first on BTC Ethereum Crypto Currency Blog.

View Details

US Man Pleads Guilty to Defrauding Banks and "Leading Crypto Exchange" of over $4M

Twenty-six-year-old Esteban Cabrera Da Corte, the leader of a Miami crew, has pleaded guilty to defrauding US banks and “a leading cryptocurrency exchange” of over $4 million through fraudulent reversals. US prosecutors on Wednesday said Da Corte deployed false and stolen identities to perpetrate the scheme.

According to Damian Williams, the US Attorney for the Southern District of New York, Da Corte and his co-conspirators in around March 2020 opened various accounts with an unnamed crypto exchange using fake US passports, drivers’ licenses and stolen personally identifying information. These accounts were then linked to bank accounts operated by Da Corte and his crew.

How the Scheme Was Run: DOJ

Furthermore, the Department of Justice (DOJ) in the statement explained that Da Corte and his crew bought cryptocurrencies from the crypto exchange using cash deposited into the bank accounts via Automated Teller Machines (ATMs). However, this purchase of cryptocurrency was immediately transferred to other digital assets wallets outside the exchange and controlled by the crew.

After this process, the prosecutors alleged that Da Corte and his team started to make phone calls to their US bank account providers, falsely claiming that the cryptocurrency transactions were unauthorized. As a result of their claims, the banks reversed the purchases, prosecutors said.

“The operation of this scheme by the Defendants resulted in US banks processing more than $4 million in fraudulent reversals and the Cryptocurrency Exchange losing more than $3.5 million worth of cryptocurrency,” DOJ added.

Man Faces Up to 20 Years in Prison

As a result of Da Corte’s guilty plea to a count of conspiracy to commit wire fraud, he now faces up to 20 years in prison, prosecutors said, adding that the crew leader has agreed to pay approximately $3.6 million in restitution. He has also agreed to forfeit $1.2 million.

“Our Office will continue to work vigorously with our law enforcement partners to protect the integrity of U.S. banks and financial markets to the full extent of the law from those who seek to enrich themselves through fraud and deceit, including those who attempt to shroud themselves in the anonymity of digital transactions,” said Williams.

FMA flags fraudulent broker; new FX pairs on Admirals; read today's news nuggets.

View Details

Lawyer Seeks Reopening of Onecoin Case in Bulgaria, Seizure of Assets

A lawyer representing Onecoin victims has urged Bulgarian authorities to reopen an investigation into the crypto pyramid scheme and seize assets to compensate his clients. The attorney is asking officials in Sofia to take into account developments he considers related to the case, including the recent murder of a Bulgarian crime figure in South Africa. [...]

The post Lawyer Seeks Reopening of Onecoin Case in Bulgaria, Seizure of Assets appeared first on Crypto Breaking News.

View Details