A Malaysian man who responded to a job ad on Facebook reportedly fell victim to a human trafficking syndicate that forced him to engage in crypto scams. CBC reports that the man, only referred to as John to protect his identity, answered a post on a Facebook group promoting a purported customer service job with […]
The post Man Held Captive in ‘Scam Compound’ and Forced To Target Westerners With Crypto Schemes: Report appeared first on The Daily Hodl.
US authorities are charging a German businessman for allegedly operating a crypto pyramid scheme that defrauded about $150 million from investors. In a new press release, the U.S. Attorney’s Office for the Eastern District of New York is accusing Horst Jicha of securities fraud and conspiracies to commit securities fraud, wire fraud and money laundering […]
The post US Government Charges German National for Allegedly Running $150,000,000 Crypto Scam appeared first on The Daily Hodl.
A couple from Eden Prairie, Minnesota are down nearly $10 million after one of them fell victim to a crypto romance scam over LinkedIn. Police in the North Star State say a man was enticed by hitting the jackpot in a purported investment scheme that promised to pay out massive yields, according to a report […]
The post Minnesota Couple Loses Over $9,200,000 After ‘LinkedIn Adultress’ Misleads Man into Crypto Scam: Report appeared first on The Daily Hodl.
Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals. Cryptocurrency Scams According to […]
While the total figures are “alarming,” crypto scams accounted for 7.1% of the total $2.08 billion stolen from Australians in 2022.
Australians lost 221.3 million Australian dollars ($148.3 million) from investment scams where cryptocurrency was used as the payment method in 2022 — a 162.4% increase from 2021.
According to an April 17 scam activity report from the country’s consumer regulator, the Australian Competition and Consumer Commission (ACCC), 3,910 crypto scam incident reports were made in total, and the average Australian victim was stripped of AU$56,600 ($37,900).
The $148.3 million figure represents 7.1% of the total AU$3.1 billion ($2.08 billion) worth of scams reported in Australia for 2022.
Our latest Targeting Scams report has revealed Australians lost a record $3.1 billion to scams in 2022, as government, law enforcement and the private sector look to improve collaborative efforts to support the community in the fight against scams. https://t.co/3f9C3Uoltv pic.twitter.com/OGj6TkygnK
— ACCC (@acccgovau) April 16, 2023
Bank transfers remained the largest scam payment method with nearly 13,100 reports totaling $141 million — $7.3 million less than crypto payments.
Bank transfer payment scams averaged out at around AU$16,000 ($10,700) per incident, meaning that crypto scammers were able to swindle 250% more value from each victim.
Data showed that crypto scammers mostly contacted victims through social media and networking apps, while bank payment scammers more often reached out via phone and email.
In an April 17 statement, ACCC Deputy Chair Catriona Lowe partially attributed the spike in scams to new technologies making it easier to “lure and deceive victims” with increasingly “sophisticated” tactics:
“We have seen alarming new tactics emerge which make scams incredibly difficult to detect. This includes everything from impersonating official phone numbers, email addresses and websites of legitimate organizations to scam texts that appear in the same conversation thread as genuine messages.”
“This means now more than ever, anyone can fall victim to a scam,” she added.
While the figures are “alarming,” Lowe emphasized that the “true cost” of the damage still isn’t priced in:
“Australians lost more money to scams than ever before in 2022, but the true cost of scams is much more than a dollar figure as they also cause emotional distress to victims, their families and businesses.”
Lowe explained that the Australian government, law enforcement and the private sector need to strengthen ties to “combat” the scams more effectively and bring the numbers down.
Related: Aussies revealed as prime targets of Israel crypto scam syndicate
According to data from the ACCC scam database Scamwatch, the average investment scam victim in Australia is a 65-year-old man who was contacted on social media or had responded to a fraudulent advertisement.
They will likely be tied up in the swindle for “several months” before realizing they’ve been scammed.
Imposter bond offers, initial public offerings (IPO), relationship or pig butchering schemes and money recovery services are among the most common investment scams reported.
The ACCC said in its report that scam losses “are far higher” than reported, as around 30% of scam victims do not report it to anyone, while only 13% of victims report the incident to Scamwatch.
ACCC’s Scamwatch, ReportCyber, the Australian Financial Crimes Exchange (AFCX) and other agencies compiled data for the report.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
According to Hong Kong police, in 2022 there were 2,336 reported crypto scam-related cases in which more than $216.6 million was lost. Although losses relating to crypto scams only constituted just over 10% of the nearly 23,000 reported technology crimes, they still accounted for more than half of the $407.7 million that was lost to […]
Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. Liquidators’ Fees Liquidators of the collapsed bitcoin Ponzi […]
The ex-boyfriend of the infamous “Cryptoqueen” has been sentenced to five years in prison for laundering hundreds of millions of dollars. A new report by Bloomberg Law says that Gilbert Armenta, the former boyfriend of fugitive Ruja Ignatova, who is wanted for allegedly masterminding a crypto Ponzi scheme called “OneCoin,” has been sentenced to five […]
The post ‘Cryptoqueen’ Boyfriend Sentenced to Five Years in Prison for Laundering $300,000,000 in Crypto appeared first on The Daily Hodl.
A sponsored advertising link on Google hid malware that siphoned thousands of dollars worth of crypto and NFTs from an influencer’s wallet.
An NFT influencer claims to have lost “a life-changing amount” of their net worth in nonfungible tokens (NFTs) and crypto after accidentally downloading malicious software found via a Google Ad search result.
The pseudo-anonymous influencer known on Twitter as “NFT God” posted a series of tweets on Jan. 14 describing how his “entire digital livelihood” came under attack including a compromise of his crypto wallet and multiple online accounts.
Last night my entire digital livelihood was violated.
— NFT God (@NFT_GOD) January 15, 2023
Every account connected to me both personally and professionally was hacked and used to hurt others.
Less importantly, I lost a life changing amount of my net worth
NFT God, known also as “Alex,” said he used Google's search engine to download OBS, an open-source video streaming software. But instead of clicking on the official website, he clicked the sponsored advertisement for what he thought was the same thing.
It wasn’t until hours later — after a series of phishing tweets posted by attackers on two Twitter accounts that Alex operates — that he realized malware was downloaded from the sponsored advertisement alongside the software he wanted.
Following a message from an acquaintance, Alex noticed his crypto wallet was also compromised. The next day, attackers breached his Substack account and sent phishing emails to his 16,000 subscribers.
Then I get the DM I've been dreading. "Dude you WETH'd your ape?"
— NFT God (@NFT_GOD) January 15, 2023
I pop open the Opensea bookmark of my ape and there it is. A completely different wallet listed as the owner.
I knew at that moment it was all gone. Everything. All my crypto and NFTs ripped from me
Blockchain data shows that at least 19 Ether (ETH) worth nearly $27,000 at the time, a Mutant Ape Yacht Club (MAYC) NFT with a current floor price of 16 ETH ($25,000), and multiple other NFTs were siphoned from Alex’s wallet.
The attacker moved most of the ETH through multiple wallets before sending it to the decentralized exchange (DEX) FixedFloat, where it was swapped for unknown cryptocurrencies.
Alex believes the “critical mistake” that allowed the wallet hack was setting up his hardware wallet as a hot wallet by entering its seed phrase “in a way that no longer kept it cold,” or offline, which allowed the hackers to gain control of his crypto and NFTs.
Related: Navigating the World of Crypto: Tips for Avoiding Scams
Unfortunately, NFT God’s experience isn’t the first time the crypto community has dealt with crypto-stealing malware in Google Ads.
A Jan. 12 report from cybersecurity firm Cyble warned of an information-stealing malware called “Rhadamanthys Stealer” spreading through Google Ads on “highly convincing phishing webpage[s].”
In October, Binance CEO Changpeng “CZ” Zhao warned that Google search results were promoting crypto phishing and scamming websites.
Cointelegraph contacted Google for comment but did not receive a response. In its help center, however, Google said it “actively works with trusted advertisers and partners to help prevent malware in ads.”
It also describes its use of “proprietary technology and malware detection tools” to regularly scan Google Ads.
Cointelegraph was unable to replicate the results of Alex’s search nor verify if the malicious website was still active.
Sam Bankman-Fried’s attorneys are revealing that billions of dollars worth of liquid assets has been recovered from bankrupt crypto exchange FTX. According to a new report by CNBC, lawyers representing the disgraced former CEO have told a judge that $5 billion in cash, digital assets, and other securities have been recovered from FTX. Attorney Adam […]
The post Sam Bankman-Fried’s Lawyers Say $5,000,000,000 in Assets Now Recovered From Collapsed Crypto Exchange: Report appeared first on The Daily Hodl.
