CryptoFraud

Big promises, bigger deception. Braden Karony, former CEO of the once-hyped crypto project SafeMoon, has been found guilty by a U.S. federal jury of running a fraudulent scheme that misled investors and diverted millions of dollars for personal gain.

⚖️ Guilty on All Charges
After a 12-day trial, a federal court in New York found Karony guilty of conspiracy to commit securities fraud, wire fraud, and money laundering.
He now faces up to 45 years in prison, and has also been ordered to forfeit assets worth over $2 million, including luxury homes, vehicles, and cryptocurrency holdings.

💸 How the Scheme Worked
SafeMoon, launched in 2021 with a 10% transaction tax model, quickly rose to fame — boasting a market cap of over $8 billion at its peak. But behind the scenes, the truth was far from what was advertised.
🔹 Karony and his team claimed that half the fees would be locked in a liquidity pool and the other half redistributed to token holders.

🔹 In reality, they retained access to the liquidity funds, siphoned them off, and used them for personal luxury.

🔹 They also traded SafeMoon tokens privately, even during peak prices, despite publicly denying any such activity.

🏎️ Crypto-Funded Teslas and Mansions
According to court evidence, investor funds were used to purchase:
🔹 luxury cars like an Audi R8, a Tesla, and custom trucks

🔹 high-end properties

🔹 transfers routed through anonymous wallets and unhosted exchange accounts
Authorities estimate that Karony personally pocketed over $9 million in crypto assets. The case was investigated by the FBI, IRS, and other federal agencies.

⚠️ SafeMoon – From Skyrocketing Token to Cautionary Tale
What began as a promising crypto project became a textbook example of how fast hype can turn into legal fallout.
Federal prosecutors said the case deeply damaged public trust in digital assets and highlighted the urgent need for greater oversight in the crypto industry.
One co-defendant, Thomas Smith, has pleaded guilty and awaits sentencing. Another, Kyle Nagy, remains at large.

📌 The Takeaway
SafeMoon was marketed as a “safe journey to the moon” — but it ended in a brutal crash landing, complete with FBI raids, IRS investigations, and a federal conviction. The message to the crypto world is clear: transparency and accountability are not optional — they’re essential.

#Safemoon , #CryptoFraud , #CryptoNewss , #CryptoScamAlert , #CryptoCrime

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

U.S. authorities have cracked down on Jeremy Jordan-Jones, the founder of Amalgam Capital Ventures, accusing him of orchestrating a major crypto investment scam. According to the indictment, he misled investors and raised $1 million, only to spend the funds on a lavish personal lifestyle.
🕵️‍♂️ The FBI, SEC, and the Department of Justice have all taken action. Jones now faces charges including wire fraud, securities fraud, false statements to a bank, and aggravated identity theft. If convicted, he could face up to 72 years in prison.

A Startup Built on Lies
Jordan-Jones pitched his company as a revolutionary blockchain firm, supposedly developing high-end payment and cashier systems. He boasted about major partnerships and even showcased fake product demos, claiming the company was preparing to launch a native token on global exchanges. But according to the DOJ, none of it was real—there were no clients, no real partnerships, and no operational technology.
📉 While investors were left empty-handed, Jones was allegedly forging bank records to secure loans and investments he then used for personal gain.

A Landmark Case Against Crypto Fraud
Prosecutors called the case a textbook example of tech-driven deception. “Fraudsters often hide behind the promise of innovation,” said former SEC Chair Jay Clayton.
Meanwhile, the SEC has filed a parallel civil lawsuit, and the FBI has emphasized that Jones is far from an isolated case. Crypto-related scams are escalating rapidly—in 2024 alone, the FBI received over 140,000 crypto fraud complaints, amounting to $9.3 billion in reported losses.

Crypto Booms While Scams Multiply
Despite ongoing fraud cases, the digital asset market is soaring. Bitcoin recently hit a new all-time high of $111,800, while total crypto market capitalization surpassed $3.5 trillion.

#CryptoFraud , #SEC , #FBI , #CryptoNewss , #Regulation

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Coinbase, the largest cryptocurrency exchange in the United States, has confirmed a major data breach from December 2024 that exposed sensitive personal information of 69,461 users. Hackers demanded a $20 million ransom to prevent the leaked data from being published on the dark web.
The scale of the attack was disclosed in a filing with the Maine Attorney General. Although Coinbase stated that less than 1% of its global user base was impacted, the breach has triggered multiple federal investigations and potential lawsuits regarding the company’s handling of the incident.

💼 Hackers Bribed Foreign Support Agents to Gain Access
According to Coinbase and sources familiar with the matter, the breach was made possible through social engineering, not through technical vulnerabilities. Attackers targeted customer support agents working overseas — specifically in India — and bribed them with cash in exchange for access to internal systems.
This gave hackers access to personal information, including names, addresses, dates of birth, nationalities, government-issued IDs, banking details, account balances, and KYC-related data. While passwords, private keys, and crypto funds were not compromised, cybersecurity experts warn that such information can still be used for identity theft, impersonation, and fraud.

🕵️‍♂️ Ransom Demands and Delayed Disclosure
Coinbase revealed it received an anonymous ransom email on May 11, several months after the breach took place on December 26. The attackers threatened to leak the stolen information online unless the company paid a $20 million ransom — a demand that Coinbase ultimately refused.
The company stated that it had already identified and dismissed the employees involved in the incident and is fully cooperating with U.S. authorities, including the Department of Justice, which has launched a criminal investigation.

📢 Public Backlash Over Coinbase’s Silence
The company’s delayed disclosure has sparked widespread criticism. Tech investor and TechCrunch founder Michael Arrington condemned Coinbase’s timing, arguing that real people could already be suffering consequences from the breach.
“This has likely already caused harm,” Arrington wrote on X. “The damage can’t just be measured in dollars — it’s measured in human suffering.”

He also criticized existing KYC (Know Your Customer) rules, claiming they provide a false sense of security while exposing users to unnecessary risk. Arrington called for stronger data protection laws and corporate accountability.
“Governments and corporations need to act. The cost of inaction is human suffering,” he added.

💸 Potential Losses Could Top $400 Million
Coinbase estimates the fallout from the breach could cost between $180 million and $400 million, including customer reimbursements, legal expenses, and increased security measures.
Mike Dudas, managing partner at Web3 venture firm 6MV, believes he may be among those affected. He called the breach “a staggering leak of personal data,” warning that the consequences may extend beyond identity theft and include intimidation or blackmail of high-profile figures in the crypto industry.

💬 As crypto companies scale globally, are they doing enough to protect sensitive user data from insider threats?

#CyberSecurity , #CryptoNewss , #Cryptoscam , #CryptoFraud , #coinbase

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

A brief layover in London turned into a nightmare for Jacob Irwin-Cline. In a single night, he lost his entire crypto savings — all it took was a fake Uber driver, a suspicious cigarette, and a moment of vulnerability.
The 30-year-old developer and early Bitcoin investor went out for drinks at the Roxy nightclub in Soho during a short stopover on his way to visit family in Spain. After a fun evening, he ordered an Uber to return to his hostel. Outside, a driver greeted him by name — everything seemed fine. But the car didn’t match the one shown in the app. He got in anyway.

🚬 A Cigarette That Cost Thousands
The driver allegedly offered him a cigarette. Jacob initially declined, but then accepted. That cigarette may have been laced with scopolamine, a powerful sedative known as the “zombie drug” — so dangerous it’s been called “the scariest drug in the world.”
Jacob remembers slipping in and out of consciousness as the driver asked for his phone “to check the directions.” Dazed and confused, he handed it over — along with his access codes. He vaguely recalls the driver browsing through apps. By the time he realized what was happening, it was too late.
When he came to, he found himself on the outskirts of London with his phone and laptop completely wiped. A stranger called him a taxi back to his hostel.
“They basically took everything I built over my life,” Jacob said.

💸 Crypto Gone, Recovery Nearly Impossible
Authorities later confirmed that the attacker gained access to his wallets via Revolut and forced logins. The losses? Over $72,000 in XRP, nearly $50,000 in Bitcoin, and smaller altcoin positions — $123,000 in total.
Jacob believes he wasn’t targeted for his wealth — just bad luck. Still, the method matches the pattern of a “key attack”: no hacking required, just social engineering and physical coercion.
“Without insurance and with most of it in cold wallets, getting it back is basically impossible,” he said.

He now works with the FBI’s virtual assets unit. As an early crypto adopter, Jacob says he started investing in Bitcoin while still in high school — before it ever crossed the $1,000 mark.

📉 Crypto Market Update: Bitcoin and XRP Stay Strong
As of writing, Bitcoin trades at around $106,576 with a market cap near $2.11 trillion, having reached an all-time high of $109,000 in January 2025.
XRP, boosted by Ripple’s partial legal win over the SEC, is currently priced around $2.34.

💬 The London incident shows that in crypto, it’s not just about tech security — it’s about everyday awareness. One misstep, and it could all be gone.

#CryptoScamAlert , #CryptoFraud , #Web3Security , #CryptoNewss , #StaySafe

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London mein aik chhota sa layover Jacob Irwin-Cline ke liye aik bura khwab ban gaya. Sirf aik raat mein usne apni poori crypto savings kho di – aur is sab ke peeche tha aik fake Uber driver, aik suspect cigarette, aur aik pal ki ghaflat.
Kahani Kya Thi?
Yeh 30 saala developer aur shuruati Bitcoin investor, Spain mein apni family se milne jaate hue, London mein thoray time ke liye ruka tha. Usne Soho ke Roxy nightclub mein doston ke saath fun kiya. Raat ko hostel wapas jaane ke liye usne Uber order ki. Bahar aik driver ne usay naam se pukara – sab kuch theek lag raha tha. Lekin gaari app mein dikhai gayi gaari se match nahi karti thi. Phir bhi, woh andar beth gaya.
Woh Cigarette Jo Hazaaron Mein Pari
Driver ne Jacob ko cigarette offer ki. Pehle Jacob ne mana kiya, lekin phir le li. Shayad woh cigarette scopolamine se laced thi, aik powerful sedative jise "zombie drug" bhi kehte hain – itni khatarnak ke isay "the scariest drug in the world" kaha jata hai.
Jacob ko yaad hai ke woh behosh ho raha tha jab driver ne us ka phone manga "directions check karne ke liye." Nashe ki halat mein, usne phone de diya – saath hi apne access codes bhi. Usay dhundla sa yaad hai ke driver apps browse kar raha tha. Jab tak usay samajh aaya, tab tak bohot der ho chuki thi.
Jab usay hosh aaya, woh London ke outskirts mein tha aur us ka phone aur laptop poori tarah se wiped ho chukay thay. Aik ajnabi ne usay hostel wapas jaane ke liye taxi bula di.
Jacob ne kaha, "Unhon ne meri poori zindagi ki kamai loot li."
Crypto Khatam, Wapsi Na-Mumkin Si
Authorities ne baad mein confirm kiya ke attacker ne Revolut ke through us ke wallets tak access haasil ki aur force logins kiye. Kitna nuksan hua? $72,000 se zyada XRP mein, taqreeban $50,000 Bitcoin mein, aur chotay altcoin positions – total $123,000.
Jacob ko lagta hai ke usay us ki daulat ki wajah se target nahi kiya gaya – bas bad luck tha. Phir bhi, tareeqa "key attack" pattern se milta hai: koi hacking ki zaroorat nahi, bas social engineering aur physical coercion.
"Insurance na hone aur zyada tar cold wallets mein hone ki wajah se, isay wapas lena basically impossible hai," usne kaha.
Woh ab FBI ki virtual assets unit ke saath kaam kar raha hai. Aik early crypto adopter hone ke naate, Jacob kehta hai usne high school mein hi Bitcoin mein invest karna shuru kar diya tha – jab yeh $1,000 mark bhi cross nahi kiya tha.
Crypto Market Update: Bitcoin aur XRP Strong Rahey
Likhte waqt, Bitcoin $106,576 ke qareeb trade kar raha hai aur market cap $2.11 trillion ke qareeb hai, January 2025 mein isne $109,000 ki all-time high touch ki thi.
XRP, Ripple ki SEC ke khilaf partial legal win ki wajah se, filhal $2.34 ke qareeb price par hai.
London incident yeh dikhata hai ke crypto mein, sirf tech security hi nahi – everyday awareness bhi zaroori hai. Aik ghalat qadam, aur sab kuch khatam ho sakta hai.
#CryptoScamAlert , #CryptoFraud , #Web3Security , #CryptoNewss , #StaySafe
Aik qadam aage rahen – hamara profile follow karen aur cryptocurrencies ki duniya ki har zaroori cheez se ba-khabar rahen!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The U.S. Securities and Exchange Commission (SEC) has filed serious charges against Unicoin Inc., a New York-based company, and three of its top executives. The agency claims the company deceived more than 5,000 investors by selling so-called “Rights Certificates” that were supposed to later convert into Unicoin crypto tokens.

🏦 False Claims About Billions in Real Estate
According to the complaint, Unicoin enticed investors with exaggerated claims—such as promises that future tokens would be backed by billions in real estate assets and pre-IPO equity.

In reality, the company held only a fraction of the assets it advertised, and much of the real estate it promoted was largely fictional.

📣 Aggressive Marketing – From Airports to Taxi Ads
Unicoin presented itself as a pioneer in digital investing.

Its promotional campaign included:
🔹 Airport billboards

🔹 Ads in thousands of New York taxis

🔹 TV commercials and social media campaigns
Investors were convinced they were buying a safe next-gen digital investment, with certificates redeemable 1:1 for Unicoin tokens.

🔍 What the SEC Says
According to SEC Deputy Director of Enforcement Mark Cave:
“Unicoin and its leadership exploited thousands of investors with fictional promises that its tokens would be backed by real assets, including a global portfolio of high-value real estate.”

💼 Inflated Numbers, No Real Registration
Investigators identified three major misrepresentations:
False asset backing – claims of billion-dollar reserves were fabricatedExaggerated sales – the company claimed over $3 billion in sales, but actually raised just $110 millionFake regulatory legitimacy – tokens and certificates were advertised as “SEC registered,” though no such registration existed

🧾 CEO Sold His Own Certificates
Unicoin’s CEO, Alex Konanykhin, allegedly sold nearly 38 million of his own certificates, often at a discount.

Also charged: former president Silvina Moschini and former CIO Alex Dominguez.
The SEC is requesting:
🔻 permanent bans on serving as executives in publicly traded firms

🔻 the return of unlawfully obtained profits

🔻 civil penalties for both individuals and the company

⚖️ Company Lawyer Settles and Pays Fine
The lawsuit also names Richard Devlin, Unicoin’s former general counsel, accusing him of repeating false claims in investor materials.
Without admitting or denying guilt, Devlin agreed to settle—he will pay a $37,500 civil penalty and is permanently barred from certain activities.

Summary:
👉 SEC accuses Unicoin and its leaders of $100M fraud

👉 Investors misled by promises of asset-backed tokens and SEC registration

👉 Executives face bans, restitution, and fines

👉 A harsh reminder of how digital hype can lead to very real legal consequences

#SEC , #CryptoFraud , #Cryptoscam , #CryptoSecurity , #CryptoNewss

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Федеральний суд присяжних США визнав Брейдена Джона Кароні, генерального директора проєкту SafeMoon, винним у шахрайстві, відмиванні грошей та змові. Максимальне покарання — до 45 років позбавлення волі.
Суть справи:
У 2021 році SafeMoon зібрав $8 млрд, обіцяючи «заблокований пул ліквідності».
Натомість Кароні вивів мільйони на власні рахунки через ланцюжок анонімних гаманців.
Особиста вигода: понад $9 млн.
Придбано: елітну нерухомість, Audi R8, Tesla.
Проєкт обвалився, а інвестори втратили кошти. Кароні звинувачують у навмисному обмані з метою особистого збагачення. Прокурор заявив: «SafeMoon став журавлем у небі — і пасткою для тисяч довірливих інвесторів». Справа підкреслює ризики інвестування в проєкти без належної перевірки та нагадує про необхідність прозорості в криптоіндустрії.
Що б ви купили за $9 млн? Діліться думками! Слідкуйте за новинами крипторинку! Підписуйтесь на #MiningUpdates , щоб бути в курсі.
#Safemoon #CryptoFraud #blockchain #CryptoNews #Investing #Cybercrime

The Australian Federal Police (AFP) has confiscated over $4.5 million worth of assets from a Queensland man suspected of involvement in the 2013 theft of 950 Bitcoin from a French cryptocurrency exchange. The operation marks a major milestone in an ongoing investigation into cybercrime and illicit crypto proceeds.

Waterfront Property, Luxury Car, and Nearly 25 BTC Seized
According to the Criminal Assets Confiscation Taskforce (CACT) led by the AFP, the seized assets include:
🔹 a waterfront property in Beachmere, Queensland

🔹 a black 2019 Mercedes-Benz sedan

🔹 24.99 BTC
The assets were forfeited to the Commonwealth under civil asset forfeiture laws, which allow for seizure without a criminal conviction.

Suspicious BTC Transactions Sparked the Investigation
Codenamed Operation Gouldian, the case began in September 2018 after Luxembourg authorities tipped off AUSTRAC, Australia's financial intelligence agency, about suspicious Bitcoin movements.
Further investigations revealed the suspect was living lavishly without legitimate income. He had previously been convicted of hacking a U.S. gaming company. No criminal charges have been filed specifically in relation to the 2013 crypto theft—yet authorities proceeded under proceeds of crime legislation.

AFP: Crime Profits Fuel More Crime
“Criminals are driven by greed at the expense of honest Australians and businesses,” said AFP Commander Jason Kennedy.

“Illicit profits often fund further criminal activity, which is why we work closely with our CACT partners to strip offenders of those proceeds and redirect them to benefit the community.”

Confiscated Funds to Be Reinvested
The seized assets are being handled by the Australian Financial Security Authority, and proceeds will be transferred to the Commonwealth Confiscated Assets Account. From there, the Attorney-General can allocate them to:
🔹 crime prevention programs

🔹 law enforcement efforts

🔹 initiatives combating drug trafficking and related social harm

Another Case of Crypto Crime Funding Luxury
This case joins a growing list of incidents where crypto theft profits were used to fund lavish lifestyles. Just last week, the U.S. Department of Justice charged 12 individuals in a $263 million crypto fraud scheme, revealing that illegal gains had been spent on luxury vehicles, jewelry, and designer goods.

#CryptoCrime , #bitcoin , #CyberSecurity , #CryptoFraud , #DigitalAssets

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

20 травня 2025 року Комісія з цінних паперів і бірж США (SEC) подала позов проти нью-йоркської компанії Unicoin та трьох її топ-менеджерів — генерального директора Алекса Конянихіна, члена правління Сільвіни Москіні та екс-головного інвестиційного директора Алекса Домінгеса. Їх звинувачують у введенні в оману понад 5000 інвесторів, що дозволило зібрати $110 млн. За даними SEC, Unicoin завищував продажі «прав сертифікатів» до $3 млрд, хоча реальна сума не перевищувала $110 млн, і помилково стверджував, що токени та сертифікати зареєстровані в SEC. Компанія також перебільшувала вартість активів, заявляючи про підтримку токенів нерухомістю та активами на мільярди доларів, хоча їхня реальна вартість була значно нижчою.
Unicoin використовував агресивну рекламу в аеропортах, таксі Нью-Йорка, на телебаченні та в соцмережах, позиціонуючи інвестиції як безпечні. Генеральний радник компанії Річард Девлін уже погодився на штраф у $37,500 без визнання провини. SEC вимагає заборонити керівникам обіймати посади в публічних компаніях і повернути незаконно отримані кошти. Розслідування триває.
#CryptoFraud #UNICoin #SEC #blockchain #CryptoNews
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Another dark chapter in the world of crypto. Former CEO Daniel Schatt and former CFO Joseph Podulka, who once led the now-bankrupt crypto lending platform Cred, have pleaded guilty to wire fraud. According to U.S. prosecutors, they misled customers about the company’s financial situation – causing losses in the tens or even hundreds of millions of dollars.

🧾 Guilty Plea in California Court: They Intentionally Misled Clients
On May 13, a California federal court confirmed that Schatt and Podulka admitted guilt as part of a plea agreement regarding bank and wire fraud. Judge William Alsup accepted their pleas, and sentencing is scheduled for August 26.
Each man faces a potential maximum sentence of 20 years in prison and a $250,000 fine, while corporate fines could reach $500,000.
Law360 reported that Schatt and Podulka deliberately shared only positive information while hiding the negative – all in an effort to convince customers to lend their fiat and digital assets to Cred.

💸 Total Customer Losses: Up to $150 Million
Cred filed for bankruptcy in November 2020, and users reportedly lost up to $150 million. Many turned to social media, asking whether their funds were still safe.
In their plea deal, the former executives admitted that their actions caused user losses between $65 and $150 million. It also emerged that Cred had substantial exposure to a Chinese company called MoKredit, which was issuing unsecured microloans to gamers in China.

🏦 Misleading Claims About Loans and Investments
Prosecutors stated that Cred’s leadership falsely claimed their loans were fully collateralized and their crypto investments were safely backed. In reality, the lending portfolio was built on unstable foundations, and when Bitcoin fell 40% in March 2020, the firm couldn’t meet its margin obligations.
The company was on the verge of insolvency, yet prosecutors say that three top executives continued recruiting new customers while downplaying the risks.

⚖️ Crypto Sector Sees a Wave of Legal Reckonings
The Cred case is just one among many. Other high-profile crypto figures have faced serious charges this year:
🔹 Alex Mashinsky, founder of the defunct Celsius platform, was sentenced to 12 years in prison on May 8 for fraud.

🔹 Travis Ford, co-founder of Wolf Capital, pleaded guilty on January 10 to conspiracy to commit fraud. He raised over $9 million from investors based on false promises of high returns.

🧠 One-Minute Summary:
Two former executives of Cred have pleaded guilty to fraud after misleading customers about the company’s financial troubles. The 2020 collapse of Cred resulted in up to $150 million in losses. Both men face up to 20 years in prison. The case is another clear sign that in the world of crypto, even top executives are no longer above the law.

#CryptoFraud , #CryptoScandal , #CryptoCrime , #CryptoRegulation , #CryptoNewss

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Commission Uncovers Massive Cryptocurrency Scam
Nigeria’s Economic and Financial Crimes Commission (EFCC) conducted a raid resulting in the arrest of 792 suspects involved in schemes known as crypto romance scams. The fraudsters convinced victims to invest in fake cryptocurrency projects, leading to significant financial losses.
Links to International Groups
EFCC spokesperson Wilson Uwujaren revealed that among those arrested were 148 Chinese nationals and 40 Filipino citizens. The scammers operated from a luxury building in Lagos, Nigeria’s commercial hub. Most of the victims were citizens of the United States and Europe.
During the raid, agents seized computers, mobile phones, and vehicles. Uwujaren stated that Nigerian fraudsters were recruited by international groups to target victims online using phishing techniques. Once the victims’ trust was gained, their information was handed over to foreign counterparts, who carried out the fraud.
Collaboration with International Partners
The EFCC announced it is working with international partners to identify potential links to organized crime. This collaboration aims to strengthen actions against similar fraudulent activities.
Another Case: Nigerian Scammer Defrauds Australians of $5 Million
The arrests follow a separate case involving Osang Otukpa, who allegedly defrauded 139 Australians of $5.04 million (8 million AUD) through a fraudulent cryptocurrency platform called Liquid Asset Group.
Otukpa reportedly used five different aliases and lured victims through social media. EFCC agents apprehended Otukpa on December 6, shortly after he landed at Murtala Mohammed International Airport in Lagos. According to reports, he will be charged once the investigation is complete.
Conclusion
The EFCC continues to intensify its efforts to combat cryptocurrency fraud, working closely with global partners to curb these illegal activities. The crackdown on 792 suspects and cases like Otukpa’s highlight Nigeria’s strengthened fight against financial crimes.

#hackers , #Cryptoscam , #cryptofraud , #CryptoSecurity , #CryptoNewss

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.

#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss

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