US SEC Seizes $8M of New Yorker who Deceptively Promoted Cryptocurrency

US SEC Seizes $8M of New Yorker who Deceptively Promoted Cryptocurrency

In a recent press release of the U.S. Securities and Exchange Commission (SEC), it has been announced that a New York-based self-proclaimed ‘financial guru,’ Reginald “Reggie” Middleton, and two companies that he owns have been arrested and charged for running a crypto scam that sells security tokens to investors and for attempting to execute all sorts of illicit market manipulations. The court also ordered to freeze $8 million out of net $14 million an accused…

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India’s Police Arrests 4 Crypto Scammers for Defrauding 1,500 Victims in 22 Countries

India’s Police Arrests 4 Crypto Scammers for Defrauding 1,500 Victims in 22 Countries

Recently, a scam in India was reported to the local Madhya Pradesh Police in which four people are accused of setting up a fake cryptocurrency exchange and manipulating the prices to lure in investors from no less than 22 countries. According to the Special Task Force (STF) of Madhya Pradesh Police, the fraudsters have fooled 1,500 innocent crypto investors from 22 countries and stolen at least Rs. 100 crores (about $14 million) from them. The…

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California City was Hit by Bitcoin Ransomware Attack and Refused to Pay

California City was Hit by Bitcoin Ransomware Attack and Refused to Pay

Earlier this year in April and May, the city of Lodi in California was hit by a serious ransomware attack in which many of the city’s official computers were plagued by malicious program. A payment of 75 Bitcoin(BTC)trade was demanded as ransom by those behind the attack to bring the computer system back to normal. The Lodi City Manager Steve Schwabauer confirmed that the ransomware was spread through the city’s computer network and targeted computer…

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Head of a Crypto Escrow Company Is Indicted for $7 Million Fraud

Head of a Crypto Escrow Company Is Indicted for $7 Million Fraud

Federal authorities in the state of New York have unsealed fraud charges against Jon Barry Thompson, the principal of a purported cryptocurrency escrow company Volantis Escrow Platform, in the amount of over $7 million as stated in a press release released on July 25th by the U.S. Attorney’s Office. The complaint holds Thompson with commodities fraud and wire fraud charges as he is accused of taking over $3 million from one company and $4 million…

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Judge Approves Lead Counsel in $4B Class Action Suit Against OneCoin Crypto Ponzi Scheme

Judge Approves Lead Counsel in $4B Class Action Suit Against OneCoin Crypto Ponzi Scheme

A New York’s federal judge has announced his decision of appointing Levi & Korsinsky and Silver Miller as the lead counselors of the $4 billion class action lawsuit against the cryptocurrency Ponzi scheme OneCoin, in which Donald Berdeaux was appointed as the lead plaintiff of the suit. The securities lawsuit alleges that OneCoin was a fraudulent investment program which hid behind the use of technical sophistication and fancy jargon, and thus led falsely informed investors…

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Brazen Crypto Scam Email Pretends to be UK Regulator Financial Conduct Authority

Brazen Crypto Scam Email Pretends to be UK Regulator Financial Conduct Authority

A new audacious crypto scam appears to be circulating: an email pretending to be from the major UK regulator, the Financial Conduct Authority (FCA), that urges users to invest in the scam’s supposed cryptocurrency ventures. The founder of the boutique financial planning firm Solomon’s Independent Financial Advisers, Dominic Thomas, revealed on Twitter that he had received multiple of those emails supposedly from the FCA, prompting him to invest in crypto via the fraud. Thomas, who…

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Scam Ads on Facebook Fraudulently Offer its Own Cryptocurrency Libra

Scam Ads on Facebook Fraudulently Offer its Own Cryptocurrency Libra

According to a recent Washington Post report, the new cryptocurrency developed by Facebook, Libra, has already started being nefariously promoted by the worst in the social networking community with a recent scam: Facebook ads that are offering the cryptocurrency in a span of less than a month after the announcement of the project, even though it doesn’t even exist publicly yet. Facebook is already notorious for legions of fake accounts within the social network, and…

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South Korea’s Justice Ministry: $2.3 Billion Damage in Crypto Crimes in the Last Two Years

South Korea’s Justice Ministry: $2.3 Billion Damage in Crypto Crimes in the Last Two Years

Local South Korean news outlet Korea Herald reports that crypto-related scams and frauds have resulted in the financial damage of nearly 2.7 trillion Korean Won ($2.3 billion) over the past two years, referencing newly published government data. According to the data from the justice ministry of South Korea, as crypto crimes have increased dramatically in recent years, they have managed to steal 2.69 trillion won in financial damage between July 2017 and June 2019. The…

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Ex Employee Stole $10M in Virtual Assets from Microsoft; Used Bitcoin to Hide the Theft

Ex Employee Stole $10M in Virtual Assets from Microsoft; Used Bitcoin to Hide the Theft

News from the U.S. Attorney’s Office for the Western District of Washington revealed in a press release on July 16 that a former employee of Microsoft is currently awaiting trial after being accused of mail fraud for scheme to steal virtual assets like gift cards worth over $10 million. The accused, who goes by the name Volodymr Kvashuk, is a 25-years old Ukrainian citizen who worked with the software company Microsoft for over 2 years….

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Judge Sends Owner of Crypto Trading Platform Bitfunder to 14 Months in Prison

Judge Sends Owner of Crypto Trading Platform Bitfunder to 14 Months in Prison

Recently, one cryptocurerncy scammer was sentenced to 14 months in prison and 3 years of supervised release. Jon Montroll who had been operating cryptocurrency related services is about to face 14 months in prison after having pleaded guilty to securities fraud and obstruction of justice, as reported by the US Justice Department. Montroll was operating two inter-linked crypto businesses since 2012 and lost his investors’ money due to major computer hack in his system which…

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