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Japanese authorities trace Monero, arrest 18 in $670K laundering case

The group of scammers has been under investigation by Japan’s newly formed cybercrime unit since August.

For the first time in crypto history, Japanese authorities arrested a gang of 18 scammers by analyzing Monero transactions.

Japanese authorities analyzed approximately 900 Monero (XMR)-based money laundering transactions from the gang of scammers, which caused approximately 100 million yen ($670,000) worth of damage during their criminal activity.

Japanese authorities told local media outlet Nikkei that this marks the first time in history that the country’s law enforcement agencies have used Monero transactions to identify a group of criminals.

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Revolut prevents $13.5M of ‘potential fraud transactions’ in crypto

Revolut has been under fire as fraud complaints piled up in 2024, but the company has insisted it saved hundreds of millions in “potential fraudulent transfers.”

Cryptocurrency-friendly neobank Revolut said it has prevented millions of dollars in potential customer losses from fraudulent crypto transfers over the past three months

Revolut said on Oct. 7 that it blocked up to $13.5 million worth of “potentially fraudulent crypto transfers” between June 1 and Sept. 1, 2024, according to an announcement sent to Cointelegraph.

“The company’s proactive approach has seen it significantly enhance its crypto-specific security measures recently, which has led to an increase in the amount of potential fraud it has prevented,” Revolut said.

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Crypto scammers orchestrate massive hack on X but barely made $8K

The scammers breached countless X accounts to shill the memecoin, but they didn’t even make enough to buy a Toyota Corolla.

An unknown group of crypto scammers has seemingly missed their payday after hacking their way into several high-profile social media accounts on Sept. 18 — only to end up with a few thousand bucks.

On Sept. 18, blockchain sleuth “ZachXBT” alerted the crypto community that several “large accounts on X” were compromised, all posting a Solana memecoin called HACKED.

Some of the infiltrated accounts included Lenovo India, Yahoo News UK, MoneyControl, Oliver Stone, People, and Krystal DeFi. 

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Trump’s Crypto Platform Hit by Scammers Promising $15,000 Giveaways

Trump’s Crypto Platform Hit by Scammers Promising ,000 GiveawaysFormer U.S. President Donald Trump’s family-backed cryptocurrency platform has been targeted by scammers, leading to over 70,000 users being misled with fake crypto giveaways. Scammers have posted fraudulent ads on the platform’s official Telegram channel, diverting users to a fake group promising $15,000 in cryptocurrency. Trump’s Crypto Platform Targeted by Scammers With Fake Giveaways Donald […]

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Avalanche Discord Compromised—Fake Token Scammers Strike Again

Avalanche Discord Compromised—Fake Token Scammers Strike AgainFollowing the hack of the Polygon Discord server, Avalanche’s official X account (@avax) alerted the public that their Discord channel had also been breached. “SECURITY ALERT,” Avalanche announced. “The official Avalanche Discord has been compromised. Please do not interact with any accounts or click any links until further notice.” Just like the Polygon Discord breach […]

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Clay County Intensifies Efforts Against Cryptocurrency Scams

Clay County Intensifies Efforts Against Cryptocurrency ScamsThe Clay County Prosecutor’s Office, located in Liberty, Missouri, is intensifying efforts to combat the rise in cryptocurrency-related scams. Recognizing the growing threat posed by scams related to cryptocurrencies like bitcoin and ethereum, the office is organizing a specialized training program for local law enforcement agencies. This initiative aims to equip detectives and officers with […]

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Police Warn of Bitcoin Scammers Posing as Bank Representatives

Police Warn of Bitcoin Scammers Posing as Bank RepresentativesThe Carroll County Sheriff’s Office in the U.S. state of Georgia has issued a warning about a cryptocurrency scam. Scammers are posing as representatives of financial institutions, informing individuals that their accounts have been compromised. They then instruct victims to withdraw funds from their accounts and deposit them into bitcoin ATMs. The sheriff’s office emphasizes […]

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Crypto catfishers ditch fake exchanges for approval phishing scams

According to on-chain analytics firm Chainalysis, romance scammers increasingly use this method to steal their victim’s hard-earned crypto.

Crypto romance scammers — a cohort of crypto-stealing smooth-talkers — appear to have a new trick up their sleeves: targeted approval phishing.

In a Dec. 14 report from on-chain analytics firm Chainalysis, the firm noted that the technique has seen explosive growth over the past two years, with at least $374 million in suspected stolen crypto in 2023.

Approval phishing is a crypto scam where victims are tricked into signing transactions that give scammers access to wallets, allowing them to drain funds. While this isn’t new, Chainalysis said the technique is now utilized more often by pig-butchering scammers.

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Asked to get a banana, a BAYC owner narrowly avoids a fake Forbes scam

Scammers posing as Forbes journalists have been targeting BAYC holders to set up interviews and distract them while they attempt to steal their apes.

A Bored Ape Yacht Club (BAYC) owner says he has managed to avoid a potentially “dreadful day” after being asked to retrieve a banana for a photo from someone they initially believed was interviewing them for Forbes.

On Nov. 27, NFT collector ‘Crumz’ detailed his run-in with a scammer  posing as a Forbes journalist.

He reported that someone pretending to be Robert LaFanco — a real Forbes editor, contacted him by direct message from an impersonator account with the offer of an interview for a new article about BAYCs. 

During the interview, the scammer prompted Crumz to click a "button" to allow access to record the interview. Crumz said he complied with the so-called journalists despite certain red flags, including their use of a non-premium Zoom account and wanting to use a separate recorder bot to record his screen.

“I had to press a button to allow access to record,” he said before adding, “I didn’t think much of it first but at the end, he asks me to say something that resembles my ape and he suggests a banana.”

'Crumz' said he later realized this was a distraction attempt to take him away from his computer during which the attacker would take control of his computer to steal his assets. 

‘Crumz’ said instead of getting the banana, he waited by his computer and sure enough, the scammers started to control his screen.

"I mute my screen and there's no video and just waited by the screen and sure enough they started to control my screen, I stopped them when they went on delegate.cash." 

Crypto casino Rollbit partner ‘@3orovik’ echoed the warning to his 140,000 X followers on Nov. 27.

He also fingered a spurious account named ‘Robert LaFranco’ whose profile claims he is a Forbes assistant managing editor. “During this interview, he attempts to trick you to gain access to your PC and steal your expensive NFTs,” he warned.

Meanwhile, BAYC community member Laura Rod also reported being contacted by the bogus Forbes editor.

Related: Nansen phishing emails flood crypto investors’ inboxes

Earlier this month blockchain security firm Slowmist detailed a number of scams in which victims lost crypto assets to fake journalists.

It reported that, after scheduling an interview, the attacker would guide victims to join the interview on Telegram, providing an interview outline, conducting a two-hour interview, and then providing the malicious link to consent to publication.

In October, a Friend.tech user reported being duped by a fake Bloomberg journalist, who lured them into clicking a link for a “consent form” which instead resulted in a drained Friend.tech account. 

Meanwhile, several industry observers have noted that scammers on X (Twitter) often have a BAYC profile picture which is something to look out for.

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

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