Romania-Based Crypto Exchange CoinFlux Tries to Pacify its Clients Following the Arrest of the CEO

Romania-Based Crypto Exchange CoinFlux Tries to Pacify its Clients Following the Arrest of the CEO

CoinFlux, one of the biggest crypto exchanges and firms in Romania, has issued a message to its clients notifying them that digital currency trading and other activities within the crypto exchange have hit an unexpected halt due to an ongoing investigation of the authorities. The message states that the recent development has led to the freezing of the company’s account, affecting the firm’s wallet and other activities. The company also lost the right to their…

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Bomb Threats across the US Turn Out to Be Cryptocurrency Scams

Bomb Threats across the US Turn Out to Be Cryptocurrency Scams

On Thursday, employees and students in offices and universities across the country received emails containing a threat: Pay $20,000 in Bitcoin, or a bomb will detonate in your building. Obviously, the threat sent many institutions into a frenzy as the buildings were evacuated and law enforcement called upon. Tweets containing screenshots of the emails started appearing everywhere containing different versions of virtually the same threat. However, by the afternoon, nearly all of the buildings had…

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Research: Evidence of Rising Sextortion and Ransomware Scams with Cryptocurrencies

Research: Evidence of Rising Sextortion and Ransomware Scams with Cryptocurrencies

Sextortion scams in cyber form have been around since around 2009 and have cost many victims a lot of money. There are a few types of sextortion scams, but in general, they work by the attacker threatening to distribute private or sensitive material if the victim doesn’t send money or comply with sexual favors or images. The scams can take many forms, for example, the attacker may claim to have video evidence of someone masturbating…

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Researchers Develop an Algorithm to Detect Crypto Scams Before They Happen

Researchers Develop an Algorithm to Detect Crypto Scams Before They Happen

Pump and dump schemes, wherein an actor will buy a large amount of a crypto coin in order to artificially increase the price, have been a problem in cryptocurrency since its inception. Of course, this problem isn’t new, it’s something the stock market has had to navigate for a while, but none the less it has been a prominent problem in crypto markets also. In February of this year, the US Commodity Futures Trading Commission…

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FBI Arrests and Indicts Cryptocurrency CEO for an ICO Scam of $4 Million

FBI Arrests and Indicts Cryptocurrency CEO for an ICO Scam of $4 Million

In a press release by the Department of Justice, U.S. Attorney for the Northern District of Texas Erin Nealy Cox announced that the FBI has arrested one Jared Rice, Sr. last Wednesday on the charges of ‘duping hundreds of investors out of more than $4 million in a cryptocurrency scheme’. Mr. Rice was indicted on three accounts of securities fraud and three counts of wire fraud. This is not his first encounter with the law…

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Japan Introduces Initial Coin Offering (ICO) Regulations to Protect Investors

Japan Introduces Initial Coin Offering (ICO) Regulations to Protect Investors

On December 1, it was reported that Japan’s Financial Services Agency is set to launch regulations on initial coin offerings (ICO). Japan has moved towards regulation in this area because of concerns of ICO frauds and scams around the world. The aim of the regulation is to protect Japanese investors by limiting the amount they can invest in ICOs. Additionally, businesses offering their own cryptocurrencies will be required to register with the Financial Services Agency….

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ICO Hype Gone Wrong: DJ Khaled and Floyd Mayweather Charged For Promoting Fraudulent ICOs

ICO Hype Gone Wrong: DJ Khaled and Floyd Mayweather Charged For Promoting Fraudulent ICOs

What appeared to be an unbiased social media initial coin offering (ICO) promotion goes south as the United States SEC disclosed that it was, in fact, a paid promotion. This discovery has left two infamous celebrities – renowned music producer, DJ Khaled and boxing pro, Floyd Mayweather – paying thousands of dollars as penalties. Both celebrities took to their social media pages to tout Centra Tech, a fraudulent ICO firm, and its ICO. Floyd Mayweather…

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North Dakota Commissioner Takes Action against Fraud ICO Masquerading as Part of a Real Bank

North Dakota Commissioner Takes Action against Fraud ICO Masquerading as Part of a Real Bank

The past couple of months have been quite busy for North Dakota Securities Commissioner Karen Tyler, at least in the crypto-fraud intersection. After the Commissioner had taken action against three different deceptive crypto companies in October, recently another scam that revolved around cryptocurrency was caught in her net. Commissioner Tyler took action against an alleged fraudulent Russian company called Union Bank Payment Coin with a Cease and Desist Order after the company had pretended to…

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21-Year-Old Stole Cryptocurrency from Silicon Valley Execs’ Phones

21-Year-Old Stole Cryptocurrency from Silicon Valley Execs’ Phones

Nicholas Truglia, a 21-year-old man from Manhattan, has hacked into phones belonging to Silicon Valley executives in an attempt to steal their cryptocurrency. He was successful in one attempt. Truglia was successful in stealing $1 million from Robert Ross in a SIM swapping scheme. The money was stolen from two wallets, Coinbase and Gemini, with around $500,000 stolen from each. Once the cash was converted, Truglia moved it into his own personal account. Truglia had…

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U.S. Deputy Attorney General Rosenstein Calls for More Joint Global Efforts to Battle Crypto Crime

U.S. Deputy Attorney General Rosenstein Calls for More Joint Global Efforts to Battle Crypto Crime

Rod Rosenstein, U.S. Deputy Attorney General, has risen to prominence primarily due to his responsibility and oversight over the Special Counsel investigation (AKA the Mueller investigation) – an eminent role which he held until recently. But (apparently) Rosenstein also has other duties and responsibilities as well; one of them is being on top of cybercrime. In a recent speech at the Interpol 87th General Assembly in Dubai, Rosenstein addressed this surging issue while dedicating parts…

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