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CFTC Asks Court for More Time Finding CEO of Crypto Ponzi Scam Control Finance

Posted on January 9, 2020January 9, 2020 by Julie Williams

Six months after the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Control Finance, the regulatory agency is yet struggling to capture the mastermind behind the crypto pyramid scheme. Filed mid-2018, the CFTC accused Control Finance and its Director Benjamin Reynolds of defrauding naive investors through a fraudulent crypto scheme. Consequently, the CFTC now wants to impose fines with regard to illicit trading and fraud. Since the inception of the case, the CFTC…

CEO of Crypto Firm Longfin to Pay $400K in Settlement with SEC

Posted on January 7, 2020January 7, 2020 by Julie Williams

An update from the courtroom shows that Venkata S. Meenavalli, the CEO of the embattled crypto firm Longfin, has finally yielded to paying a disgorgement fine of $400,000. The case filed against the supposed cryptocurrency firm last year by the SEC at the US district court for the southern district of New York alleged that Longfin Corp. and its acting chief executive officer misinterpreted their finances and lied to obtain a listing on the Nasdaq….

New York Court Grants Continuance in OneCoin-Connected David Pike’s Case

Posted on December 23, 2019December 23, 2019 by Julie Williams

The New York Southern District Court determined that the lawsuit against David Pike, who is connected to the crypto Ponzi scam OneCoin, would go on according to a recent court order. The latest court order from the New York District Court reveals that there is an ongoing discussion regarding the potential for a pre-indictment disposition for David Pike. Therefore, the court is granting the case a continuance up until the 12th day of January 2020….

Chinese Regulators Probe Fitness App Qubu for Illegal Crypto Fundraising

Posted on December 19, 2019December 19, 2019 by Julie Williams

The latest on the crypto scam list is a pyramid scheme organized by a Chinese fitness app called Qubu. The app promises its users some amount of its native tokens ‘Candy’ for completing daily exercises. All the user has to do is to walk 4,000 steps a day for 45 days and he/she is qualified for 15 Candy tokens. Sounds too good to be true, yes? Organized like an innovative blockchain idea, Qubu made its…

Research: PlusToken Crypto Scam Could Be the Reason for Bitcoin’s Plunge

Posted on December 18, 2019December 18, 2019 by Julie Williams

While price fluctuations is very common in the crypto sphere, some analysts have reasons to believe that the recent plunge in the Bitcoin price isn’t just like any other decline. The researchers of Chainalysis believe it could very well be the aftereffect of the PlusToken scam. You will recall that a crypto Ponzi scheme disguised as a crypto venture with the name PlusToken was uncovered lately as AllStocks Crypto News reported. Since the ‘big reveal,’…

US Marshals Service: Spoofers Launch a Nationwide Scam via Crypto ATMs

Posted on December 16, 2019December 16, 2019 by Julie Williams

Adding to the hundreds of Bitcoin scam schemes employed since its inception, a group of ‘spoofers’ is out there defrauding Americans via Bitcoin(BTC)trade in the disguise that they are government officials. Raising alarm on an epidemic that seems to be spreading fast across the nation, the United States Marshals Service together with the Federal Bureau of Investigation took to Twitter to warn US citizens about the latest Bitcoin scam. In a tweet, the U.S. Marshals…

$722M Crypto Mining Scam ‘the BitClub Network’ Busted; 4 Men Arrested

Posted on December 12, 2019December 12, 2019 by Rehan Yousaf

U.S. Attorney Craig Carpenito announced the arrests of four men who were accused of defrauding investors during an investigation of a crypto Ponzi scheme called the BitClub Network. The fraudulent scheme was based on a whopping $722 million cryptocurrency mining scam. Yes, you’ve been reading it right, seven hundred and twenty two million dollar. The announcement was also available on the online portal of the Department of Justice where it was revealed that the BitClub…

Crypto Scam Coinjer Attracts Victims by Promoting Free Bitcoin Reward

Posted on December 11, 2019December 11, 2019 by Rehan Yousaf

A user on Reddit recently shared his experience with Coinjer, calling it an elaborate cryptocurrency scam that has recently surfaced on the internet. The user, @m3l0n, shared that he received a message on Discord, a platform for video gaming communities, advertising that users could win 0.25 Bitcoin, almost equivalent of $1,830 based on the current Bitcoin price. The requirement for receiving the 0.25 BTC was to be a member of one of the cryptocurrency affiliate…

Thailand’s Police Arrested 24 Chinese Citizens Over Bitcoin Call Center Scam

Posted on December 9, 2019December 9, 2019 by Rehan Yousaf

According to local news outlets in Thailand, 24 Chinese have been arrested in the country under the accusation of running a crypto investment scam. The authorities conducted the raid in a call center where the Chinese nationals were allegedly conducting a Bitcoin(BTC)trade con scheme. One of the news outlets who reported the events of the arrest, Chiang Rai Times, further detailed that the alleged scam had been operational since March of this year. Currently, the…

Cybersecurity Company Kaspersky Poised to Save the Crypto Industry From Cybercriminals

Posted on December 3, 2019December 3, 2019 by Julie Williams

The multinational cybersecurity and antivirus company Kaspersky has released info about its cybersecurity services that are aimed at protecting crypto and blockchain-oriented companies from cybercriminals. According to CipherTrace’s Cryptocurrency and Anti-Money Laundering research, the global crypto ecosystem lost up to a whopping $4.26 billion to criminals and fraudsters in the first half of 2019 alone, $1.2 billion in the first quarter and over $3 billion in the second. The research also shows that this estimate…

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