Ex-CEO Charged in Australia With Stealing $1.47M From Customer in Failed Bitcoin Deal

October 23, 2024 Bitcoin.com

Bitcoin

Grant Colthup, the ex-CEO of a defunct Australian cryptocurrency exchange, is facing fraud charges. He’s accused of misusing $1.47 million intended for bitcoin purchases. ASIC, the Australian regulator, alleges Colthup violated a law against false or misleading representations. The funds were reportedly used to pay the exchange’s debts or buy crypto for others. The exchange […]

Nigerian SEC tightens crypto marketing rules

US Sends Crypto Promoter to Prison for 20 Years in Multi-Million Dollar Ponzi Scheme

October 17, 2024 Bitcoin.com

bitcoin.com

A cryptocurrency promoter was sentenced to 20 years in prison for running a Ponzi scheme that defrauded thousands of investors, particularly in Spanish-speaking U.S. communities. The scheme, disguised as a crypto mining operation, promised guaranteed returns but left victims unable to withdraw funds while promoters pocketed millions. The fraudster was ordered to forfeit over $3.6 […]

Nigerian SEC tightens crypto marketing rules

FBI Warns of Ichcoin Targeting American Crypto Investors

October 5, 2024 Bitcoin.com

bitcoin.com

The Federal Bureau of Investigation (FBI) has issued a warning about Ichcoin, a fraudulent cryptocurrency platform that is deceiving investors across the U.S. by luring them in through social media, then tricking them into wiring large sums of money. Victims are led to believe their investments are growing but are ultimately left with nothing, often […]

Nigerian SEC tightens crypto marketing rules

FBI seizes $6M from crypto scammers targeting US citizens

September 28, 2024 Coin Telegraph

FBI seizes M from crypto scammers targeting US citizens

Blockchain

Tether says it aided in the recovery of the stolen crypto by freezing the scammers wallets, which the FBI then seized.

Authorities have seized over $6 million worth of cryptocurrency from wallets connected to Southeast Asia based scammers targeting United States citizens with confidence investment schemes.

On Sept. 26, the US Attorney’s Office for the District of Columbia reported the fraud saw “one or more individuals” lose millions of dollars after being misled into believing they were investing in legitimate crypto enterprises.

The FBI traced the stolen funds on the blockchain and located multiple crypto wallet addresses connected to the scam, which still held over $6 million of victims’ digital assets.

Nigerian SEC tightens crypto marketing rules

CFTC Warns of Follow-on Frauds Targeting Victims Multiple Times

July 31, 2024 Bitcoin.com

bitcoin.com

The Commodity Futures Trading Commission (CFTC) warns about repeated fraud targeting victims multiple times, often by the same criminals. Common fraud types include relationship crypto frauds, also known as “pig butchering,” where scammers form online relationships, encourage investments in bogus crypto trading schemes, and then steal funds. Victims often face additional scams, such as fraud-recovery […]

Nigerian SEC tightens crypto marketing rules

Hong Kong Police Arrest Quartet Accused of Using Counterfeit Banknotes to Swindle Crypto Traders

July 30, 2024 Bitcoin.com

bitcoin.com

A group of four Hong Kong fraudsters, who swindled victims’ digital assets worth $1.4 million between October 2023 and July 2024, have been apprehended. The suspects, aged 14 to 39, are charged with conspiracy to defraud and possession of 5,000 counterfeit banknotes. According to Hong Kong laws, producing and circulating counterfeit currency can result in […]

Nigerian SEC tightens crypto marketing rules

HK police arrest 4, including teen, in HK$11M crypto fraud

July 28, 2024 Coin Telegraph

HK police arrest 4, including teen, in HKM crypto fraud

14-year-old

The authorities continue to urge the public to remain cautious and verify the legitimacy of financial transactions to avoid falling victim to such elaborate scams.

In a significant crackdown on financial fraud, Hong Kong police have arrested four individuals, including a 14-year-old, for their involvement in a syndicate using counterfeit banknotes to defraud cryptocurrency owners.

According to local media, the operation resulted in losses of up to HK$11 million (US$1.4 million). The arrests are part of ongoing efforts by law enforcement to combat the rise in crypto-related scams in the region.

Chief Inspector of the Commercial Crime Bureau, Lo Yuen-shan, revealed on July 28 that the latest arrests bring the total number of individuals apprehended in connection with these scams to 14 since October of last year.

Nigerian SEC tightens crypto marketing rules

Law Enforcement Holds Positive Views on Crypto Despite Crime Concerns, Chainalysis Reports

June 21, 2024 Bitcoin.com

bitcoin.com

Blockchain analytics firm Chainalysis has found that law enforcement finds cryptocurrency relevant to many investigations and holds positive overall views. The firm also notes the growing adoption of cryptocurrency and its increased criminal exploitation, including intellectual property theft and drug trafficking. Despite the availability of various tools, many respondents are dissatisfied with current resources, highlighting […]

Nigerian SEC tightens crypto marketing rules

Unlicensed Crypto Business Leads to Indictments in Utah

June 20, 2024 Bitcoin.com

bitcoin.com

Two Utah residents have been indicted for operating an unlicensed money-transmitting business, converting over $2.5 million into cryptocurrency, according to the U.S. Department of Justice (DOJ). The two were arrested over the weekend in Washington County. Utah Men Arrested for Illegal Cryptocurrency Transactions The U.S. Department of Justice and the U.S. Attorney’s Office for the […]

Nigerian SEC tightens crypto marketing rules

FTC Warns of Crypto Scams From Online Love Interests

June 11, 2024 Bitcoin.com

Bitcoin

The U.S. Federal Trade Commission (FTC) has issued a warning about cryptocurrency romance scammers who offer investment advice. The FTC emphasizes the risks involved and urges immediate reporting and caution to protect others. “They establish an emotional connection with you so you’re more likely to believe that they’re an expert in cryptocurrency investing, for example,” […]

cryptocurrency fraud