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UK Cracks Down on Crypto Fraud: Two Men Jailed for 12 Years for Defrauding Investors
The UK has handed down a tough sentence in a major cryptocurrency fraud case. Two men — Raymondip Bedi from Bromley and Patrick Mavanga from Peckham — were sentenced on July 4 by Southwark Crown Court to a combined 12 years in prison for orchestrating a £1.5 million investment scam. The verdict comes amid a broader crackdown by the UK’s Financial Conduct Authority (FCA) on illegal financial practices in the crypto sector.
🔹 The Scam: Fake Investment Opportunities and Exploited Trust
Between 2017 and 2019, the two orchestrated a sophisticated phone-based scam, cold-calling unsuspecting investors and offering them fraudulent crypto investment services. They operated under company names such as CCX Capital and Astaria Group LLP. At least 65 victims were defrauded, with total losses exceeding £1.54 million.
🔹 Charges Included Money Laundering and Forged Documents
Investigators uncovered not only fake investments but also money laundering and possession of false identity documents. Mavanga was additionally convicted of perverting the course of justice. Both men had pleaded guilty to most charges back in 2023.
🔹 FCA Ramps Up Fight Against Crypto Fraud and ‘Finfluencers’
This case is part of the FCA’s larger effort to clean up the crypto space. In June, the agency launched a global campaign targeting unauthorized influencers who promote misleading investment content on social media. The initiative led to dozens of arrests, hundreds of content removal requests, and formal criminal charges.
🔹 FCA Calls for Victims to Come Forward
Authorities are now pursuing asset confiscation to recover funds for defrauded investors. The FCA also urges anyone who believes they were affected but hasn’t been contacted to reach out via its dedicated helpline.
#CryptoFraud , #FCA , #Cryptoscam , #CryptoInvesting , #DigitalAssets
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.“
🔹 The Scam: Fake Investment Opportunities and Exploited Trust
Between 2017 and 2019, the two orchestrated a sophisticated phone-based scam, cold-calling unsuspecting investors and offering them fraudulent crypto investment services. They operated under company names such as CCX Capital and Astaria Group LLP. At least 65 victims were defrauded, with total losses exceeding £1.54 million.
🔹 Charges Included Money Laundering and Forged Documents
Investigators uncovered not only fake investments but also money laundering and possession of false identity documents. Mavanga was additionally convicted of perverting the course of justice. Both men had pleaded guilty to most charges back in 2023.
🔹 FCA Ramps Up Fight Against Crypto Fraud and ‘Finfluencers’
This case is part of the FCA’s larger effort to clean up the crypto space. In June, the agency launched a global campaign targeting unauthorized influencers who promote misleading investment content on social media. The initiative led to dozens of arrests, hundreds of content removal requests, and formal criminal charges.
🔹 FCA Calls for Victims to Come Forward
Authorities are now pursuing asset confiscation to recover funds for defrauded investors. The FCA also urges anyone who believes they were affected but hasn’t been contacted to reach out via its dedicated helpline.
#CryptoFraud , #FCA , #Cryptoscam , #CryptoInvesting , #DigitalAssets
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.“
US Secret Service Targets Crypto Fraud: $400M in Seized Assets Unveiled
🔹 For the first time in history, the U.S. Secret Service has publicly disclosed details of its global effort to fight cryptocurrency scams. According to their findings, the agency has seized nearly $400 million in digital assets over the past decade, mainly from sophisticated fraud rings using fake investment platforms.
🔹 At the center of these operations is the Global Investigative Operations Center, which tracks digital crime using advanced software, domain tracing, and patient analysis – without weapons or badges. Chief analyst Jamie Lam explained at a recent Bermuda meeting:
"They’ll send you a picture of a young investor, but behind it may be an old man in Russia."
How These Crypto Scams Work
The schemes are calculated: they start by offering victims small profits to build trust, only to disappear once larger sums are invested.
“People think they’re safe using Bitcoin, but that’s simply not true,” warned agent Smith during a training session for officials in Bermuda.
He pointed out that victims often see what appears to be a golden opportunity and don’t realize they’re falling into a trap.
Support from Coinbase and Tether – Seniors Lose Billions
Crypto scams have now become a major part of online crime. According to the FBI, $9.3 billion of the $16.6 billion in reported U.S. internet crimes in 2024 involved crypto. The most impacted group were seniors, who lost $2.8 billion – mostly through fake investment websites.
Fortunately, there have been successful recoveries. In one case, the Secret Service worked with Coinbase and Tether to recover $225 million in USDT, marking one of the largest fund recoveries in crypto history.
Strong Technology Requires Strong Investigations
Bermuda Governor Andrew Murdoch stated:
“Technology is a powerful engine of economic growth, but it’s also highly vulnerable to abuse. We need strong investigative tools to match the sophistication of digital criminals.”
#CryptoScams , #CryptoFraud , #CryptoCrime , #CyberSecurity , #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.“
🔹 At the center of these operations is the Global Investigative Operations Center, which tracks digital crime using advanced software, domain tracing, and patient analysis – without weapons or badges. Chief analyst Jamie Lam explained at a recent Bermuda meeting:
"They’ll send you a picture of a young investor, but behind it may be an old man in Russia."
How These Crypto Scams Work
The schemes are calculated: they start by offering victims small profits to build trust, only to disappear once larger sums are invested.
“People think they’re safe using Bitcoin, but that’s simply not true,” warned agent Smith during a training session for officials in Bermuda.
He pointed out that victims often see what appears to be a golden opportunity and don’t realize they’re falling into a trap.
Support from Coinbase and Tether – Seniors Lose Billions
Crypto scams have now become a major part of online crime. According to the FBI, $9.3 billion of the $16.6 billion in reported U.S. internet crimes in 2024 involved crypto. The most impacted group were seniors, who lost $2.8 billion – mostly through fake investment websites.
Fortunately, there have been successful recoveries. In one case, the Secret Service worked with Coinbase and Tether to recover $225 million in USDT, marking one of the largest fund recoveries in crypto history.
Strong Technology Requires Strong Investigations
Bermuda Governor Andrew Murdoch stated:
“Technology is a powerful engine of economic growth, but it’s also highly vulnerable to abuse. We need strong investigative tools to match the sophistication of digital criminals.”
#CryptoScams , #CryptoFraud , #CryptoCrime , #CyberSecurity , #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.“
⚠️ Possible Signs of Money Laundering in the Meme Coin Space?
Some recent trades in meme coins have raised serious questions:
🔹 $608 turned into $881,000
🔹 $45 became $306,400
🔹 $7.60 flipped to $107,100
🔹 $91 grew to $45,200
🔹 $228 jumped to $29,200
🔹 $3,379 became $27,500
These aren’t just viral wins — the patterns mirror classic money laundering techniques seen in crypto before.
⸻
💡 How Does the Scam Work?
1️⃣ Create a Meme Coin: Scammers launch a worthless coin.
2️⃣ Fake Organic Growth: They use fresh wallets to buy small amounts ($10–$500), simulating retail interest.
3️⃣ Inject Dirty Funds: They pour in large sums ($500K–$1M+) from stolen or illicit sources, pumping the price.
4️⃣ Fake Paper Gains: Early wallets (which they control) now show insane “profits.”
5️⃣ Exit into Hype: They sell during peak hype, converting dirty money into “clean” profits.
This technique disguises wash trading and laundering as viral success stories.
⸻
🔍 Stay Vigilant:
Meme coins can be fun — but they’re also the perfect cover for bad actors.
Before you FOMO in, ask: Does the volume and wallet activity look organic — or scripted?
👥 Join communities like X Mucan to learn how to spot scams and protect your capital.
⸻
#CryptoSafety #MemeCoinAlert #MoneyLaundering #DeFiRisks #BlockchainAwareness #DYOR #CryptoFraud
$MEME
Some recent trades in meme coins have raised serious questions:
🔹 $608 turned into $881,000
🔹 $45 became $306,400
🔹 $7.60 flipped to $107,100
🔹 $91 grew to $45,200
🔹 $228 jumped to $29,200
🔹 $3,379 became $27,500
These aren’t just viral wins — the patterns mirror classic money laundering techniques seen in crypto before.
⸻
💡 How Does the Scam Work?
1️⃣ Create a Meme Coin: Scammers launch a worthless coin.
2️⃣ Fake Organic Growth: They use fresh wallets to buy small amounts ($10–$500), simulating retail interest.
3️⃣ Inject Dirty Funds: They pour in large sums ($500K–$1M+) from stolen or illicit sources, pumping the price.
4️⃣ Fake Paper Gains: Early wallets (which they control) now show insane “profits.”
5️⃣ Exit into Hype: They sell during peak hype, converting dirty money into “clean” profits.
This technique disguises wash trading and laundering as viral success stories.
⸻
🔍 Stay Vigilant:
Meme coins can be fun — but they’re also the perfect cover for bad actors.
Before you FOMO in, ask: Does the volume and wallet activity look organic — or scripted?
👥 Join communities like X Mucan to learn how to spot scams and protect your capital.
⸻
#CryptoSafety #MemeCoinAlert #MoneyLaundering #DeFiRisks #BlockchainAwareness #DYOR #CryptoFraud
$MEME
🔥 ГРОМКИЙ АРЕСТ В КРИПТОМИРЕ! Основателя WhiteRock Finance поймали в Дубае — что дальше?
Пока одни верят в проекты, другие выводят десятки миллионов.
Ильдар Ильхам, основатель WhiteRock Finance, задержан в Дубае. Его обвиняют в том, что он стоял за ZKasino — проектом, куда люди заводили деньги… и больше не видели их никогда.
📉 $30 000 000 исчезли с площадки.
Платформа сначала обещала DeFi-инновации, потом резко «перестроилась» в централизованную сеть.
Вывод? Заблокирован.
Смарт-контракты? Заменены.
Доверие? Уничтожено.
⸻
🔗 Теперь его хотят экстрадировать в Нидерланды, где открыто уголовное дело.
История разворачивается прямо сейчас — и, возможно, мы увидим первый громкий международный приговор в крипто-сфере 2025 года.
⸻
📌 Мой вывод: если тебе обещают высокую доходность и ничего не объясняют — это не проект, а ловушка.
ZKasino — яркое напоминание, что даже с красивыми лендингами и известными инвесторами всё может оказаться банальным скамом.
Контроль, проверка и холодная голова — вот единственные «гарантии» в этом рынке.
#CryptoFraud #BinanceNews #Dubai_Crypto_Group
$ARB
Пока одни верят в проекты, другие выводят десятки миллионов.
Ильдар Ильхам, основатель WhiteRock Finance, задержан в Дубае. Его обвиняют в том, что он стоял за ZKasino — проектом, куда люди заводили деньги… и больше не видели их никогда.
📉 $30 000 000 исчезли с площадки.
Платформа сначала обещала DeFi-инновации, потом резко «перестроилась» в централизованную сеть.
Вывод? Заблокирован.
Смарт-контракты? Заменены.
Доверие? Уничтожено.
⸻
🔗 Теперь его хотят экстрадировать в Нидерланды, где открыто уголовное дело.
История разворачивается прямо сейчас — и, возможно, мы увидим первый громкий международный приговор в крипто-сфере 2025 года.
⸻
📌 Мой вывод: если тебе обещают высокую доходность и ничего не объясняют — это не проект, а ловушка.
ZKasino — яркое напоминание, что даже с красивыми лендингами и известными инвесторами всё может оказаться банальным скамом.
Контроль, проверка и холодная голова — вот единственные «гарантии» в этом рынке.
#CryptoFraud #BinanceNews #Dubai_Crypto_Group
$ARB
Команду криптокошелька Freewallet звинувачують у навмисних поборах*
Команду криптокошелька Freewallet, популярного серед користувачів для зберігання та обміну криптовалют, звинувачують у навмисних поборах із клієнтів. За повідомленнями, користувачі скаржаться на замороження рахунків та вимогу додаткових документів для верифікації, після чого їхні активи нібито привласнюються. Зокрема, інциденти пов’язані з KYC-процедурами, де після надання особистих даних кошти зникають без повернення. Критика стосується також високих комісій та ігнорування звернень до служби підтримки.
Хоча Freewallet позиціонує себе як безпечний і зручний сервіс із підтримкою понад 1000 криптовалют, численні відгуки на форумах та соцмережах ставлять під сумнів його репутацію. Деякі користувачі припускають, що це може бути системною схемою, спрямованою на збагачення за рахунок довірливих інвесторів. Компанія, зареєстрована в офшорі Сент-Вінсент і Гренадини, досі не надала офіційних коментарів щодо звинувачень.
Експерти закликають до обережності при використанні подібних платформ, наголошуючи на важливості зберігання приватних ключів самостійно. Чи виявляться ці звинувачення правдивими, покаже час. Слідкуйте за новинами криптоіндустрії та оновленнями безпеки, підписавшись на #MiningUpdates ! #CryptoScams #Freewallet #BlockchainSecurity #CryptoFraud #StaySafeCrypto
Хоча Freewallet позиціонує себе як безпечний і зручний сервіс із підтримкою понад 1000 криптовалют, численні відгуки на форумах та соцмережах ставлять під сумнів його репутацію. Деякі користувачі припускають, що це може бути системною схемою, спрямованою на збагачення за рахунок довірливих інвесторів. Компанія, зареєстрована в офшорі Сент-Вінсент і Гренадини, досі не надала офіційних коментарів щодо звинувачень.
Експерти закликають до обережності при використанні подібних платформ, наголошуючи на важливості зберігання приватних ключів самостійно. Чи виявляться ці звинувачення правдивими, покаже час. Слідкуйте за новинами криптоіндустрії та оновленнями безпеки, підписавшись на #MiningUpdates ! #CryptoScams #Freewallet #BlockchainSecurity #CryptoFraud #StaySafeCrypto
Europol Dismantles Massive International Crypto Fraud Network – Hundreds of Millions Vanish
European law enforcement, led by Europol, has carried out a major strike against a large-scale international fraud network that scammed over 5,000 victims out of hundreds of millions of dollars through fake investment offers. The operation was coordinated across Spain, France, Estonia, and the United States.
🎯 Personalized Scams Targeted Thousands Worldwide
The criminal group focused on unsuspecting investors through phone calls, emails, and fake online platforms. Fraudsters promised high returns from cryptocurrency investments, using fake statistics, dummy accounts, and persuasive marketing that often didn’t even mention crypto – creating a false sense of safety.
The tactic proved alarmingly effective – victims were defrauded of a combined $540 million.
👮♂️ Arrests in the Canary Islands and Madrid
Spain’s Guardia Civil, with the support of Europol, made several arrests at the end of June, including operations in Madrid and the Canary Islands. A total of five key members of the fraud ring were apprehended. The investigation had been ongoing since 2023. Europol deployed a specialized crypto expert on-site to assist with tracking digital transactions and laundering activities.
The fraudsters used a complex network of accounts – including some based in Hong Kong – and employed crypto exchanges, bank transfers, and cash withdrawals to launder the stolen funds.
🧠 Scams Driven by AI and Deep Psychological Manipulation
This was no amateur operation. Investigations revealed that the group used targeted research, psychological manipulation, and AI tools – including deepfakes and automated communication. The offers appeared legitimate, with victims often seeing fake account growth. When trying to withdraw their money, they were either ignored or asked to make additional deposits.
⚠️ Fake Investments Went Beyond Crypto
While the fraud was closely tied to cryptocurrencies, not all offers explicitly mentioned them. Victims were also lured by promises of investment opportunities in renewable energy or other financial services. The aim was always the same – extract money from inexperienced investors, often retirees or small entrepreneurs.
Europol continues to warn the public about enticing investment opportunities promising "guaranteed returns" – they are almost always scams. Even small investments can result in major losses if you trust unverified sources.
#Cryptoscam , #CryptoFraud , #cybercrime , #CryptoSecurity , #CryptoNews
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.“
🎯 Personalized Scams Targeted Thousands Worldwide
The criminal group focused on unsuspecting investors through phone calls, emails, and fake online platforms. Fraudsters promised high returns from cryptocurrency investments, using fake statistics, dummy accounts, and persuasive marketing that often didn’t even mention crypto – creating a false sense of safety.
The tactic proved alarmingly effective – victims were defrauded of a combined $540 million.
👮♂️ Arrests in the Canary Islands and Madrid
Spain’s Guardia Civil, with the support of Europol, made several arrests at the end of June, including operations in Madrid and the Canary Islands. A total of five key members of the fraud ring were apprehended. The investigation had been ongoing since 2023. Europol deployed a specialized crypto expert on-site to assist with tracking digital transactions and laundering activities.
The fraudsters used a complex network of accounts – including some based in Hong Kong – and employed crypto exchanges, bank transfers, and cash withdrawals to launder the stolen funds.
🧠 Scams Driven by AI and Deep Psychological Manipulation
This was no amateur operation. Investigations revealed that the group used targeted research, psychological manipulation, and AI tools – including deepfakes and automated communication. The offers appeared legitimate, with victims often seeing fake account growth. When trying to withdraw their money, they were either ignored or asked to make additional deposits.
⚠️ Fake Investments Went Beyond Crypto
While the fraud was closely tied to cryptocurrencies, not all offers explicitly mentioned them. Victims were also lured by promises of investment opportunities in renewable energy or other financial services. The aim was always the same – extract money from inexperienced investors, often retirees or small entrepreneurs.
Europol continues to warn the public about enticing investment opportunities promising "guaranteed returns" – they are almost always scams. Even small investments can result in major losses if you trust unverified sources.
#Cryptoscam , #CryptoFraud , #cybercrime , #CryptoSecurity , #CryptoNews
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.“
Crypto Hacks Shatter Records: Over $2.5 Billion Lost in H1 2025 Alone
Cybercriminals are off to a strong start in 2025. In just the first half of the year, 290 security incidents resulted in the loss of nearly $2.5 billion in crypto assets – already surpassing the total losses recorded in all of 2024, according to a new report from CertiK.
🔓 Wallet Breaches and Phishing Attacks Lead the Damage
The largest losses came from direct attacks on users: $1.7 billion was stolen in just 34 wallet breach incidents. Phishing campaigns followed, draining more than $410 million across 132 attacks. Rounding out the top three were code vulnerabilities, responsible for over $283 million in losses from 114 cases.
Though less frequent, exit scams and price manipulation still caused nearly $20 million in damage. Another $42 million was lost due to compromised access controls.
📉 First-Half Losses Surpass All of 2024
Total losses for the first six months of 2025 have already exceeded the $2.42 billion recorded in all of 2024. After subtracting recovered and frozen funds, net losses stand at $2.29 billion, up from $1.98 billion in adjusted losses last year.
A staggering 72% of this year’s losses stem from just two major incidents – a large-scale attack on Bybit in Q1 and the exploitation of the Cetus protocol in Q2. Without these two, the half-year losses would amount to a more modest $690 million.
📊 Quarterly Breakdown: When and How the Money Disappeared
🔹 Q1 2025 – Losses totaled $1.67 billion, heavily influenced by the Bybit breach
🔹 Q2 2025 – Attacks slowed, but still caused $801 million in damage
Phishing emerged as the dominant threat vector in Q2, causing $395 million in damage from 52 attacks. Next were code vulnerabilities ($235.7 million) and access control weaknesses ($36.1 million). Wallet compromises, the main threat in Q1, caused an additional $112 million in Q2 from just 9 incidents.
⚠️ Most Notable Hacks of the Year So Far
In addition to the Bybit and Cetus breaches ($225.6 million), other high-impact events included:
🔹 Nobitex (Iran) – Losses of $89.1 million
🔹 ALEX Lab – Breach worth $16.1 million
🔹 Further issues with Bitopro, Cork Protocol, KiloEx, and zkSync, mostly due to smart contract bugs, compromised infrastructure, or stolen wallet credentials
🧠 Ethereum Targeted Most, Bitcoin Second
Ethereum was the top target, suffering over $1.58 billion in losses across 164 incidents. Bitcoin followed with $373 million lost from just 10 cases.
🔄 What Got Recovered?
So far, $187 million has been returned to victims – $180 million of that during Q2 alone. Even after subtracting the recovered funds, the first-half losses of 2025 still represent an all-time high.
🧩 Another Analysis Supports the Trend
A separate mid-year report from TRM Labs estimated $2.1 billion in losses across 75 incidents, primarily due to private key thefts, front-end hijacks, and other infrastructure breaches. While figures may vary slightly, the message is clear – crypto security threats are escalating rapidly in 2025.
#CryptoSecurity , #CryptoScamAlert , #CyberSecurity , #CryptoCrime , #CryptoFraud
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.“
🔓 Wallet Breaches and Phishing Attacks Lead the Damage
The largest losses came from direct attacks on users: $1.7 billion was stolen in just 34 wallet breach incidents. Phishing campaigns followed, draining more than $410 million across 132 attacks. Rounding out the top three were code vulnerabilities, responsible for over $283 million in losses from 114 cases.
Though less frequent, exit scams and price manipulation still caused nearly $20 million in damage. Another $42 million was lost due to compromised access controls.
📉 First-Half Losses Surpass All of 2024
Total losses for the first six months of 2025 have already exceeded the $2.42 billion recorded in all of 2024. After subtracting recovered and frozen funds, net losses stand at $2.29 billion, up from $1.98 billion in adjusted losses last year.
A staggering 72% of this year’s losses stem from just two major incidents – a large-scale attack on Bybit in Q1 and the exploitation of the Cetus protocol in Q2. Without these two, the half-year losses would amount to a more modest $690 million.
📊 Quarterly Breakdown: When and How the Money Disappeared
🔹 Q1 2025 – Losses totaled $1.67 billion, heavily influenced by the Bybit breach
🔹 Q2 2025 – Attacks slowed, but still caused $801 million in damage
Phishing emerged as the dominant threat vector in Q2, causing $395 million in damage from 52 attacks. Next were code vulnerabilities ($235.7 million) and access control weaknesses ($36.1 million). Wallet compromises, the main threat in Q1, caused an additional $112 million in Q2 from just 9 incidents.
⚠️ Most Notable Hacks of the Year So Far
In addition to the Bybit and Cetus breaches ($225.6 million), other high-impact events included:
🔹 Nobitex (Iran) – Losses of $89.1 million
🔹 ALEX Lab – Breach worth $16.1 million
🔹 Further issues with Bitopro, Cork Protocol, KiloEx, and zkSync, mostly due to smart contract bugs, compromised infrastructure, or stolen wallet credentials
🧠 Ethereum Targeted Most, Bitcoin Second
Ethereum was the top target, suffering over $1.58 billion in losses across 164 incidents. Bitcoin followed with $373 million lost from just 10 cases.
🔄 What Got Recovered?
So far, $187 million has been returned to victims – $180 million of that during Q2 alone. Even after subtracting the recovered funds, the first-half losses of 2025 still represent an all-time high.
🧩 Another Analysis Supports the Trend
A separate mid-year report from TRM Labs estimated $2.1 billion in losses across 75 incidents, primarily due to private key thefts, front-end hijacks, and other infrastructure breaches. While figures may vary slightly, the message is clear – crypto security threats are escalating rapidly in 2025.
#CryptoSecurity , #CryptoScamAlert , #CyberSecurity , #CryptoCrime , #CryptoFraud
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.“
Crypto scammer sentenced to 8 years for $40M Ponzi scheme
U.S. authorities have taken a hard stance against crypto fraud. On June 27, 57-year-old Dwayne Golden was sentenced to 97 months in prison by a federal court in Brooklyn for his role in a cryptocurrency investment scheme that defrauded investors of over $40 million. Disguised as legitimate digital asset companies, the scheme operated as a classic Ponzi operation.
🔍 Three Fake Firms and Hundreds of Victims
Golden, together with Gregory Aggesen, Marquis Egerton (also known as “Mardy Eger”), and William White, created and operated three fraudulent crypto companies: EmpowerCoin, ECoinPlus, and Jet-Coin. These firms promised guaranteed returns through overseas cryptocurrency trading. In reality, they funneled funds from new investors to pay off earlier ones or to enrich themselves.
The scheme ran from April to August 2017, and the platforms were abruptly shut down, leaving investors with significant losses while the operators vanished with the funds.
🧾 Obstructing Justice and False Testimonies
In addition to the fraud, the group actively obstructed federal investigations. They destroyed evidence and provided false statements to authorities. Between 2017 and 2022, Golden, Aggesen, and White conspired to derail investigations by the Federal Trade Commission and a federal grand jury. White, acting on behalf of Aggesen, gave misleading statements to authorities in response to official subpoenas.
Golden has also been ordered to forfeit $2.46 million in assets, with restitution to victims to be determined at a later date. Co-defendant William White received a 30-month prison sentence. Aggesen and Egerton are still awaiting sentencing.
🧑⚖️ Victims Urged to Seek Restitution
The FBI is calling on affected investors to submit restitution claims through official channels as part of the ongoing federal recovery process.
⚖️ DOJ Cracks Down on Crypto Crime
Golden’s sentencing is one of many aggressive actions taken by the U.S. Department of Justice in recent weeks to tackle crypto-related crime. Earlier this June, the DOJ seized over $225 million in crypto assets linked to pig butchering scams.
In a separate case, the DOJ sought the forfeiture of $7.7 million in crypto tied to North Korean operatives. Just days later, it charged a Russian national for running a $500 million money laundering scheme using crypto payment services.
U.S. officials have signaled that aggressive enforcement will continue as crypto-related financial crime is on the rise. The DOJ and FBI reaffirm their commitment to dismantling fraudulent operations and returning stolen assets to victims through international collaboration and advanced blockchain tracking techniques.
#Cryptoscam , #CryptoFraud , #CryptoCrime , #cryptocurrency , #CryptoAlert
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.“
🔍 Three Fake Firms and Hundreds of Victims
Golden, together with Gregory Aggesen, Marquis Egerton (also known as “Mardy Eger”), and William White, created and operated three fraudulent crypto companies: EmpowerCoin, ECoinPlus, and Jet-Coin. These firms promised guaranteed returns through overseas cryptocurrency trading. In reality, they funneled funds from new investors to pay off earlier ones or to enrich themselves.
The scheme ran from April to August 2017, and the platforms were abruptly shut down, leaving investors with significant losses while the operators vanished with the funds.
🧾 Obstructing Justice and False Testimonies
In addition to the fraud, the group actively obstructed federal investigations. They destroyed evidence and provided false statements to authorities. Between 2017 and 2022, Golden, Aggesen, and White conspired to derail investigations by the Federal Trade Commission and a federal grand jury. White, acting on behalf of Aggesen, gave misleading statements to authorities in response to official subpoenas.
Golden has also been ordered to forfeit $2.46 million in assets, with restitution to victims to be determined at a later date. Co-defendant William White received a 30-month prison sentence. Aggesen and Egerton are still awaiting sentencing.
🧑⚖️ Victims Urged to Seek Restitution
The FBI is calling on affected investors to submit restitution claims through official channels as part of the ongoing federal recovery process.
⚖️ DOJ Cracks Down on Crypto Crime
Golden’s sentencing is one of many aggressive actions taken by the U.S. Department of Justice in recent weeks to tackle crypto-related crime. Earlier this June, the DOJ seized over $225 million in crypto assets linked to pig butchering scams.
In a separate case, the DOJ sought the forfeiture of $7.7 million in crypto tied to North Korean operatives. Just days later, it charged a Russian national for running a $500 million money laundering scheme using crypto payment services.
U.S. officials have signaled that aggressive enforcement will continue as crypto-related financial crime is on the rise. The DOJ and FBI reaffirm their commitment to dismantling fraudulent operations and returning stolen assets to victims through international collaboration and advanced blockchain tracking techniques.
#Cryptoscam , #CryptoFraud , #CryptoCrime , #cryptocurrency , #CryptoAlert
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.“
🛡️ Breaking Short News: $330M Ponzi Lawsuit — How Safe Is Crypto Trust?
A UK businessman faces a £330M class-action in New York over alleged Ponzi schemes using AI‑trading and NFTs.
Hundreds of investors lost over $20M, claims say.
👉 How do you rebuild trust after scandals like this?
👇 Share your thoughts on preventing scams in a growing market.
#CryptoFraud #BinanceSquareTalks
A UK businessman faces a £330M class-action in New York over alleged Ponzi schemes using AI‑trading and NFTs.
Hundreds of investors lost over $20M, claims say.
👉 How do you rebuild trust after scandals like this?
👇 Share your thoughts on preventing scams in a growing market.
#CryptoFraud #BinanceSquareTalks
📅 June 28 Crypto Update: World Liberty teams with Re7 Labs on USD1 DeFi vault, insider hacks drain $1M from NFT projects, Bitvavo secures EU MiCA license, Gemini tokenizes MicroStrategy stock, Ponzi scammer jailed for $40M fraud.
#CryptoNews #DeFi #NFTScam #Bitvavo #MiCA #Gemini #MicroStrategy #CryptoFraud #WorldLiberty #June28 #BlockchainUpdate
#CryptoNews #DeFi #NFTScam #Bitvavo #MiCA #Gemini #MicroStrategy #CryptoFraud #WorldLiberty #June28 #BlockchainUpdate
🚨 $TRUMP coin is a complete scam and a disgrace to Americans. Insiders grabbed nearly the entire supply at launch, leaving regular investors with scraps. We must demand better ethics from our leaders—corruption isn’t justified just because others are corrupt. Voices on the right need to call this out.
#TrumpCoinScam #CryptoFraud #AccountabilityNow #Web3Ethics
#TrumpCoinScam #CryptoFraud #AccountabilityNow #Web3Ethics
South Korean Police Bust Fake Crypto Exchanges – Over $3.2 Million in Crypto Seized
South Korean authorities have cracked down on a major crypto fraud scheme. In a large-scale raid on fake cryptocurrency exchanges, the police seized over 4.4 billion Korean won (approximately $3.2 million) in digital assets, mostly in Ethereum. The operation targeted a well-organized syndicate that had been running illegal exchanges and siphoning user fees for years.
According to Yonhap News Agency, the group had been manually converting cryptocurrency through an unregistered platform called Nettel Pay for the past six years. In total, they allegedly carried out fraudulent crypto transactions amounting to $694 million.
Authorities arrested two exchange operators and three main perpetrators, who now face charges for violating electronic payment and foreign exchange transaction laws. The suspects also tried to launder the stolen crypto by using false identities, which investigators uncovered during raids and transaction monitoring.
🔎 The investigation further revealed that some of the illicit proceeds were funneled into foreign gambling websites, adding to the charges against the group.
To strengthen the fight against crypto-related crime, South Korean prosecutors earlier this year established a special joint investigation unit focused on virtual assets. The team is composed of prosecutors and financial regulators from the Financial Services Commission and the Financial Supervisory Service.
#CryptoCrime , #CryptoSecurity , #CryptoFraud , #Ethereum , #CryptoFraud
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.“
According to Yonhap News Agency, the group had been manually converting cryptocurrency through an unregistered platform called Nettel Pay for the past six years. In total, they allegedly carried out fraudulent crypto transactions amounting to $694 million.
Authorities arrested two exchange operators and three main perpetrators, who now face charges for violating electronic payment and foreign exchange transaction laws. The suspects also tried to launder the stolen crypto by using false identities, which investigators uncovered during raids and transaction monitoring.
🔎 The investigation further revealed that some of the illicit proceeds were funneled into foreign gambling websites, adding to the charges against the group.
To strengthen the fight against crypto-related crime, South Korean prosecutors earlier this year established a special joint investigation unit focused on virtual assets. The team is composed of prosecutors and financial regulators from the Financial Services Commission and the Financial Supervisory Service.
#CryptoCrime , #CryptoSecurity , #CryptoFraud , #Ethereum , #CryptoFraud
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.“
Romance Scam Victim Sues Citibank Over $20 Million Crypto Fraud
A legal battle has erupted in New York, blending online romance, cryptocurrencies, and a staggering financial loss. Michael Zidell filed a lawsuit against Citibank on June 24, claiming he lost $20 million in a sophisticated romance-investment scam. According to him, the bank should have recognized the red flags and acted accordingly.
🎭 Love as a Trap: The Beginning of the Scam
The story began in January 2023 when Zidell was contacted on Facebook by a woman introducing herself as Carolyn Parker, allegedly a business owner from California. Their communication quickly moved to WeChat, where a romantic relationship developed through video calls and messages. In February, she convinced Zidell to invest in NFTs through a website called OpenrarityPro.com, which she presented as a guaranteed way to make millions.
She showed him what appeared to be account statements as "proof" of her success, and Zidell began transferring funds. In total, he made 43 transfers, with 12 sent to Citibank accounts under the name Guju Inc., amounting to almost $4 million.
🚨 Warning Signs the Bank Allegedly Ignored
Zidell claims that the transactions to Guju Inc. far exceeded the firm’s stated income, as declared during the account opening process, and that Citibank had a duty to investigate the activity. The transfers reportedly showed classic signs of fraud – including large, round-dollar amounts and mismatches with the company’s stated business activity.
The lawsuit accuses Citibank of violating Know Your Customer (KYC) and Anti-Money Laundering (AML) laws by failing to investigate the suspicious activity despite clear warning signs.
🐖 "Pig Butchering" – A Rising Scam Trend
The type of scam that Zidell fell victim to is known as “pig butchering” – a scheme where fraudsters build long-term fake relationships, gain the victim's trust, and then manipulate them into investing massive sums, often in crypto assets.
According to the FBI’s 2024 Internet Crime Report, such scams resulted in the largest crypto-related financial losses, totaling $5.8 billion last year alone.
Elderly Americans were especially targeted: those aged 60 and older lost a collective $2.8 billion, mostly due to fake investment offers disguised as romantic relationships.
#Cryptoscam , #CryptoFraud , #CryptoCrime , #CyberSecurity , #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.“
🎭 Love as a Trap: The Beginning of the Scam
The story began in January 2023 when Zidell was contacted on Facebook by a woman introducing herself as Carolyn Parker, allegedly a business owner from California. Their communication quickly moved to WeChat, where a romantic relationship developed through video calls and messages. In February, she convinced Zidell to invest in NFTs through a website called OpenrarityPro.com, which she presented as a guaranteed way to make millions.
She showed him what appeared to be account statements as "proof" of her success, and Zidell began transferring funds. In total, he made 43 transfers, with 12 sent to Citibank accounts under the name Guju Inc., amounting to almost $4 million.
🚨 Warning Signs the Bank Allegedly Ignored
Zidell claims that the transactions to Guju Inc. far exceeded the firm’s stated income, as declared during the account opening process, and that Citibank had a duty to investigate the activity. The transfers reportedly showed classic signs of fraud – including large, round-dollar amounts and mismatches with the company’s stated business activity.
The lawsuit accuses Citibank of violating Know Your Customer (KYC) and Anti-Money Laundering (AML) laws by failing to investigate the suspicious activity despite clear warning signs.
🐖 "Pig Butchering" – A Rising Scam Trend
The type of scam that Zidell fell victim to is known as “pig butchering” – a scheme where fraudsters build long-term fake relationships, gain the victim's trust, and then manipulate them into investing massive sums, often in crypto assets.
According to the FBI’s 2024 Internet Crime Report, such scams resulted in the largest crypto-related financial losses, totaling $5.8 billion last year alone.
Elderly Americans were especially targeted: those aged 60 and older lost a collective $2.8 billion, mostly due to fake investment offers disguised as romantic relationships.
#Cryptoscam , #CryptoFraud , #CryptoCrime , #CyberSecurity , #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.“
Do Kwon Extradited to the U.S. Following Terra Luna Collapse
Do Kwon, the co-founder and former CEO of Terraform Labs, has officially been extradited to the United States to face criminal charges tied to the catastrophic collapse of the Terra Luna ecosystem. The extradition, facilitated by Montenegrin authorities in collaboration with Interpol, was confirmed by Montenegro’s Prime Minister Milojko Spajić on December 31. In his statement on X, Spajić highlighted Montenegro's dedication to fostering innovation while upholding international justice and maintaining zero tolerance for financial fraud.
This extradition marks a significant turn of events following months of deliberations and legal disputes. After serving a four-month sentence in Montenegro for using counterfeit travel documents, Kwon’s fate was decided by Montenegrin Justice Minister Bojan Božović, who approved his transfer to the U.S. on December 27. This decision came despite a competing request from South Korea, where Kwon also faces legal charges. Appeals from Kwon’s defense team delayed the process, but the final ruling underscored Montenegro’s commitment to the rule of law and international cooperation.
The legal challenges against Kwon in the U.S. are substantial. In March 2023, the U.S. Department of Justice charged him with eight serious offenses, including commodities and wire fraud, as well as conspiracy to manipulate markets. Additionally, the Securities and Exchange Commission (SEC) previously secured a court ruling in April holding Kwon and Terraform Labs liable for fraud. The resulting settlement included approximately $4.5 billion in penalties and disgorgement. While it remains unclear when Kwon will appear in a U.S. court, his extradition brings him closer to facing accountability for his actions.
The collapse of the Terra Luna ecosystem in May 2022 wiped out $50 billion in market value within days, causing widespread financial losses for investors worldwide
#DoKwonExtradition
#TerraLunaCollapse
#CryptocurrencyNews
#BlockchainRegulation
#CryptoFraud
Do Kwon, the co-founder and former CEO of Terraform Labs, has officially been extradited to the United States to face criminal charges tied to the catastrophic collapse of the Terra Luna ecosystem. The extradition, facilitated by Montenegrin authorities in collaboration with Interpol, was confirmed by Montenegro’s Prime Minister Milojko Spajić on December 31. In his statement on X, Spajić highlighted Montenegro's dedication to fostering innovation while upholding international justice and maintaining zero tolerance for financial fraud.
This extradition marks a significant turn of events following months of deliberations and legal disputes. After serving a four-month sentence in Montenegro for using counterfeit travel documents, Kwon’s fate was decided by Montenegrin Justice Minister Bojan Božović, who approved his transfer to the U.S. on December 27. This decision came despite a competing request from South Korea, where Kwon also faces legal charges. Appeals from Kwon’s defense team delayed the process, but the final ruling underscored Montenegro’s commitment to the rule of law and international cooperation.
The legal challenges against Kwon in the U.S. are substantial. In March 2023, the U.S. Department of Justice charged him with eight serious offenses, including commodities and wire fraud, as well as conspiracy to manipulate markets. Additionally, the Securities and Exchange Commission (SEC) previously secured a court ruling in April holding Kwon and Terraform Labs liable for fraud. The resulting settlement included approximately $4.5 billion in penalties and disgorgement. While it remains unclear when Kwon will appear in a U.S. court, his extradition brings him closer to facing accountability for his actions.
The collapse of the Terra Luna ecosystem in May 2022 wiped out $50 billion in market value within days, causing widespread financial losses for investors worldwide
#DoKwonExtradition
#TerraLunaCollapse
#CryptocurrencyNews
#BlockchainRegulation
#CryptoFraud
Protecting Americans from Digital Asset Fraud: A Ticking Time Bomb
The digital asset boom has unleashed a Wild West of opportunity—and danger. Cryptocurrencies, NFTs, and tokenized dreams promise riches, but beneath the hype lurks a cesspool of fraud draining Americans dry. In 2024 alone, the FTC reported over $2.5 billion lost to crypto scams, a 300% spike from two years prior. This isn’t a glitch; it’s an explosion of exploitation, and the U.S. government must ignite a counterattack—now.
Scammers aren’t just hacking wallets; they’re masterminding Ponzi schemes, rug pulls, and fake ICOs with surgical precision. Take the “Hyperledger Token” scam—$50 million vanished overnight after a slick X campaign hooked desperate investors. Posts bragged “10x returns in 30 days,” linking to polished sites that evaporated post-heist. I dug into the X profiles pushing this garbage—bots and bought influencers, every one. The links? Dead ends hosted on shady offshore servers. This is the norm, not the exception.
Victims aren’t just tech bros. Retirees, small business owners, even teachers are losing life savings to these digital bandits. The SEC’s cracking down, sure—$1.7 billion in penalties last year—but it’s a Band-Aid on a gunshot wound. Fraudsters adapt faster than regulators can type. Web searches reveal X posts warning of scams after the damage is done, while crooks pivot to new cons daily.
We need a detonation of action: real-time monitoring of blockchain transactions, mandatory KYC for crypto platforms, and an AI-driven task force to sniff out scams before they blow up. Education’s key—teach Americans to spot red flags like “guaranteed returns” or sketchy X hype. Congress must stop debating and start legislating. The clock’s ticking, and every delay lets another fraud bomb drop.
Protecting Americans isn’t optional—it’s urgent. Digital assets can innovate, but not at the cost of our security. #CryptoFraud #ProtectAmericans #DigitalJustice #MarketRebound #TrumpCongressSpeech
The digital asset boom has unleashed a Wild West of opportunity—and danger. Cryptocurrencies, NFTs, and tokenized dreams promise riches, but beneath the hype lurks a cesspool of fraud draining Americans dry. In 2024 alone, the FTC reported over $2.5 billion lost to crypto scams, a 300% spike from two years prior. This isn’t a glitch; it’s an explosion of exploitation, and the U.S. government must ignite a counterattack—now.
Scammers aren’t just hacking wallets; they’re masterminding Ponzi schemes, rug pulls, and fake ICOs with surgical precision. Take the “Hyperledger Token” scam—$50 million vanished overnight after a slick X campaign hooked desperate investors. Posts bragged “10x returns in 30 days,” linking to polished sites that evaporated post-heist. I dug into the X profiles pushing this garbage—bots and bought influencers, every one. The links? Dead ends hosted on shady offshore servers. This is the norm, not the exception.
Victims aren’t just tech bros. Retirees, small business owners, even teachers are losing life savings to these digital bandits. The SEC’s cracking down, sure—$1.7 billion in penalties last year—but it’s a Band-Aid on a gunshot wound. Fraudsters adapt faster than regulators can type. Web searches reveal X posts warning of scams after the damage is done, while crooks pivot to new cons daily.
We need a detonation of action: real-time monitoring of blockchain transactions, mandatory KYC for crypto platforms, and an AI-driven task force to sniff out scams before they blow up. Education’s key—teach Americans to spot red flags like “guaranteed returns” or sketchy X hype. Congress must stop debating and start legislating. The clock’s ticking, and every delay lets another fraud bomb drop.
Protecting Americans isn’t optional—it’s urgent. Digital assets can innovate, but not at the cost of our security. #CryptoFraud #ProtectAmericans #DigitalJustice #MarketRebound #TrumpCongressSpeech
🚨 Мошенники атакуют Coinbase! 💸🔥
За 2 месяца пользователи потеряли $65 000 000 из-за хитрых схем социальной инженерии! 😱
💀 Как работают аферисты?
🔹 Клонируют сайт Coinbase 🕵️♂️
🔹 Рассылают страшные письма о «взломе» аккаунта 📩
🔹 Убеждают перевести деньги на «безопасный счёт» 💰➡️🕳️
👉 Как не попасться?
✅ Не кликайте по подозрительным ссылкам 🛑
✅ Проверяйте URL сайта перед входом 🔍
✅ Дважды подумайте, прежде чем переводить средства 🤔
Берегите свои криптодоллары! 💎💪 Будьте на шаг впереди мошенников!
#Coinbase #CryptoScam #Security #CryptoFraud #StaySafe #Bitcoin
За 2 месяца пользователи потеряли $65 000 000 из-за хитрых схем социальной инженерии! 😱
💀 Как работают аферисты?
🔹 Клонируют сайт Coinbase 🕵️♂️
🔹 Рассылают страшные письма о «взломе» аккаунта 📩
🔹 Убеждают перевести деньги на «безопасный счёт» 💰➡️🕳️
👉 Как не попасться?
✅ Не кликайте по подозрительным ссылкам 🛑
✅ Проверяйте URL сайта перед входом 🔍
✅ Дважды подумайте, прежде чем переводить средства 🤔
Берегите свои криптодоллары! 💎💪 Будьте на шаг впереди мошенников!
#Coinbase #CryptoScam #Security #CryptoFraud #StaySafe #Bitcoin
🚨 **Breaking News**: SEC charges Diana Mae Fernandez with fraud for promising cryptocurrency investments with guaranteed returns and embezzling $364,000 from at least 20 investors 🕵️♂️💼 #cryptofraud 🔒🚫
🚨 BREAKING: #SEC cracks down on $1.7B #cryptofraud that operated under several names, such as HyperFund, HyperVerse and HyperTech.
Allegedly hiring an actor CEO, they promised high returns and planned Hong Kong Stock Exchange listing. Funds were used for luxury purchases.
#Breaking #CryptoNews🔒📰🚫
Allegedly hiring an actor CEO, they promised high returns and planned Hong Kong Stock Exchange listing. Funds were used for luxury purchases.
#Breaking #CryptoNews🔒📰🚫
Hong Kong Fraud Group Using Deepfakes Exposed – Pretended to Be Wealthy Single Women
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
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.“
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
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.“
Canadian crypto platform #ezBtc and its founder David Smillie defrauded customers, misappropriating C$13M ($9.5M) for gambling, per BCSC.
Over 935 $BTC and 159 $ETH were diverted for personal use.
#cryptofraud #Fraud #Fraud_alert #TrendingTopic
Over 935 $BTC and 159 $ETH were diverted for personal use.
#cryptofraud #Fraud #Fraud_alert #TrendingTopic
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