cryptoscam

#Circle has refuted claims that it launched a tokenized precious metals trading platform called “#CircleMetals .” According to CoinDesk, the announcement released on Christmas Eve was false, using fabricated Circle branding and executive quotes.
The fake release directed users to connect wallets to swap #USDC for so-called gold (#GLDC ) and silver (#SILC ) tokens. Circle confirmed it has never offered such a service, and the related website has since been taken offline. The company urged users to stay alert and avoid unverified links or wallet connection requests.
#CryptoScam

Here’s the latest major enforcement action where the U.S. Securities and Exchange Commission (SEC) cracked down on a crypto fraud ring:
ICIJ
Bitget
Crypto giants moved billions linked to money launderers, drug traffickers and North Korean hackers
Spain Cracks Down on €460M Crypto Fraud Ring
November 25
July 25
📌 What the SEC Action Involves
Who was charged? The SEC filed a civil enforcement complaint against:
Three purported crypto asset trading platforms: Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc.
Four so-called “investment clubs”: AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation. �
SEC
What did they do? According to the SEC’s complaint:
The fraud ring targeted U.S. retail investors using social media ads and WhatsApp group chats to lure people into fake crypto investment communities.
Operators posed as “financial professionals,” deployed AI-generated tips and deepfake videos, and guided investors toward bogus trading platforms that claimed government licensing.
Victims were steered to deposit funds into these platforms (Morocoin, Berge, Cirkor), which never facilitated real trading.
In total, investors were defrauded of more than $14 million, with funds routed overseas through bank accounts and crypto wallets. �
SEC +1
How the scam worked (details):
Scammers used investment club WhatsApp groups to build trust and create the illusion of profitable activity.
Once enough money was deposited, victims trying to withdraw their funds were told to pay extra “taxes” or “verification fees” — a classic “pig butchering” confidence scheme.
Funds were misappropriated rather than invested. �
SEC +1
Legal claims and SEC goals
The SEC charged the defendants with violating anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The agency is seeking permanent injunctions, civil penalties, and disgorgement with interest against the accused.
As part of broader investor protection efforts, the SEC also issued warnings about social-media-to-messaging-app scams. �
SEC
📊 Broader Context
This crackdown is part of an ongoing trend in 2025 where regulators globally have been cracking down on crypto-related fraud and illicit activity:
Spain recently dismantled a €460 million crypto fraud ring with more than 5,000 victims. �
Bitget
Major investigations continue to reveal how crypto platforms are used for money laundering and criminal transactions. �
ICIJ
If you’d like, I can also provide tips on how to spot and avoid crypto scams like this one.
#SEC. #CryptoFraud #CryptoScam #InvestorAlert #FinancialCrime

According to The Block, decentralized prediction market platform Polymarket confirmed that the recent user account theft incident was due to a security vulnerability in its third-party authentication service provider. Some users who registered through Magic Labs had their funds drained without clicking phishing links or enabling two-factor authentication.
The platform stated that the vulnerability has been fixed, there is no ongoing risk, and affected users will be contacted individually. The exact amount of losses and number of affected users have not been disclosed.
#Polymarket #CryptoScam