Illicit crypto addresses pocketed a staggering $40.9 billion worth of digital assets last year, and that number is likely to balloon even further, per a new report from the blockchain data firm Chainalysis. Chainalysis notes in its annual Crypto Crime Report that 2024’s total is currently less than the $46.1 billion worth of crypto that […]
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The world’s largest illicit online marketplace keeps growing following the launch of its own crypto products, according to Elliptic.
Huione Guarantee, which has been labeled as “the largest online illicit marketplace to have ever operated” by crypto compliance firm Elliptic, has grown its monthly inflows by 51% in just half a year — boosted by its own USD stablecoin launch in September.
“Our analysis shows that Huione Guarantee’s growth is accelerating, with over $24 billion in transactions to date,” reported Elliptic on Jan. 14.
In July, Elliptic alleged that Huione Guarantee operated an online marketplace with a substantial portion linked to money laundering and cyber scams.
Nigerian authorities arrested nearly 800 individuals who allegedly operated crypto “pig butchering” scams targeting North American and European victims. In a pig butchering scam, bad actors form a relationship with victims online to gain their trust and convince them to invest in fake opportunities and/or cryptocurrency platforms that the scammers control. Once the victim has […]
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Nigeria’s anti-corruption agency arrested 792 suspected to be involved in a crypto romance scam scheme based out of the country’s largest city.
Nigeria’s anti-corruption agency has arrested 792 people in a raid on a building in the country’s largest city — which it suspects was a hub for a massive crypto romance scam operation.
The suspects, arrested at the building on Dec. 10 in Lagos, included 148 Chinese and 40 Filipino nationals, an Economic and Financial Crimes Commission (EFCC) spokesperson told Reuters on Dec. 16.
“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans and several others from European countries,” the EFCC spokesperson said.
The latest Cointelegraph video explores one of the most dangerous crypto scams, “pig butchering,” by sharing some of the victims’ real stories.
Replying to a stranger’s message online could be the first step toward losing most of your life savings in a “pig butchering scam,” one of the most widespread types of scams involving cryptocurrencies and conventional fiat money.
More than $75 billion was stolen worldwide through this type of scam, according to a recent University of Texas at Austin study.
In our latest video, we dive into this alarming trend, sharing the real-life stories of Daniel and Jose, two individuals who were targeted by scammers and suffered significant financial losses that left lasting impacts on their lives.
The Federal Bureau of Investigation (FBI) Baltimore office has issued a warning about the increasing prevalence of cryptocurrency investment fraud in Maryland. Known as “pig butchering,” scammers trick victims into fake crypto investments, leading to massive financial losses. FBI Warns of Surge in Cryptocurrency Investment Scams in Maryland The Federal Bureau of Investigation (FBI) Baltimore […]
Crypto exchanges Binance and Tokocrypto collaborated with Indonesian law enforcement to crack down on a crypto scam, seizing $200,000 in stolen assets. “During the investigation, multiple individuals involved in managing the accounts that received the stolen funds were arrested,” Binance stated. Binance and Tokocrypto Help Bust Major Crypto Fraud in Indonesia Crypto exchange Binance announced […]
The SEC has taken action against romance scammers for the first time, charging two allegedly fake crypto exchanges with carrying out fraud.
The United States Securities and Exchange Commission says it has taken its first-ever action against crypto “pig butchering” scammers, charging two allegedly “fake crypto asset trading platforms.”
The SEC sued five entities and three people it said were connected to the alleged fake exchanges NanoBit and CoinW6, accusing them of stealing nearly $3.2 million after gaining investors’ trust and pursuing relationships with them via social media, according to a Sept. 17 statement.
“These charges are the SEC’s first enforcement actions alleging these types of scams,” the SEC added.
The Commodity Futures Trading Commission (CFTC) has partnered with several organizations, including the Securities and Exchange Commission (SEC), to educate the public about cryptocurrency scams, especially those involving fake romantic relationships. These partnerships aim to help consumers recognize and avoid these “pig butchering” scams, which defraud victims by building false trust and promoting fake cryptocurrency […]
Multiple US federal agencies have come together to distribute an infographic on crypto pig butchering to help Americans recognize and avoid the scam.
The United States Commodity Futures Trading Commission has partnered with a banking association and multiple federal regulators to warn consumers about “pig butchering” crypto investment scams.
The American Bankers Association Foundation, a “private regulator,” and other federal regulators, including the Securities and Exchange Commission, are now working with the CFTC’s Office of Customer Outreach and Education (OCEO) to spread an infographic, the CFTC said on Sept. 11.
The one-page infographic shows how a pig butchering scam works — from how victims are targeted and groomed to how scammers receive funds — and advises what to do if someone falls victim.
