Largest ‘illicit online marketplace’ has grown 51% in 6 months: Elliptic

January 15, 2025 Coin Telegraph

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.

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Losses From Crypto Hacks and Scams Soar in 2024, Exceeding $3,010,000,000: Blockchain Security Firm

January 10, 2025 The Daily Hodl

crypto

Losses from crypto hacks and scams surged in 2024, according to the blockchain security firm PeckShield. The firm says the total value loss in the crypto sector last year exceeded $3.01 billion, a 15% increase from the 2023 total. That number includes $2.15 billion stolen in hacks and $834.5 million purloined via scams. PeckShield also […]

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CFPB proposes crypto firms refund users for funds lost to hacks

January 10, 2025 Coin Telegraph

Banking

A proposed CFPB rule could allow crypto users to have protections similar to those of US bank account holders by considering the definition of “funds.”

The US Consumer Financial Protection Bureau (CFPB) has proposed a rule that could require crypto asset service providers to reimburse users for funds stolen through illicit activities, including hacks.

In a Jan. 10 notice, the CFPB proposed a rule that could allow accounts or wallets using “emerging payment mechanisms” set up for personal use to be subject to similar protections as fiat bank accounts.

The US regulator suggested that the same rights that “guard against error and fraud” under the Electronic Fund Transfer Act (EFTA) could protect consumers transacting in stablecoins or “any other similarly-situated fungible assets that either operate as a medium of exchange or as a means of paying for goods or services.”

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Fake OKX plugins found on the Firefox browser store

January 8, 2025 Coin Telegraph

Coin Telegraph

According to cybersecurity firm CertiK, the number of crypto hacks and exploits rose to 303 incidents in 2024, up from 282 in 2023.

Crypto exchange OKX has warned users of fraudulent OKX browser extension that have appeared on the Firefox browser plugin store. Extensions integrate third-party functionality within a web browser interface.

According to OKX, the company has not released any Firefox browser plugins and has advised users who mistakenly downloaded the plugin to transfer any funds in wallets connected to the fraudulent extension.

OKX contacted Firefox to remove the applications and reminded users never to download OKX-specific software from third parties.

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U.S. Justice Department Hands $4,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’

January 4, 2025 The Daily Hodl

U.S. Justice Department Hands ,300,000,000 To 40,930 Victims of ‘History’s Largest Ponzi Scheme’

bernie madoff

The U.S. Department of Justice (DOJ) says it has nearly recovered all the losses suffered by tens of thousands of investors in the largest Ponzi scheme in history. In a press release, the DOJ says that throughout the course of a decade, it has disbursed more than $4.3 billion to 40,930 victims of a fraud […]

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Crypto Lawyer and XRP Defender John Deaton Issues Lengthy Warning to Traders: Beware of Scammers

January 3, 2025 The Daily Hodl

crypto

XRP supporter and crypto lawyer John Deaton is warning investors about scammers within the burgeoning digital assets industry. In a new lengthy thread on the social media platform X, Deaton says that bad actors are targeting crypto exchange accounts and private wallets with sophisticated scams. “If you get an email with a link do not […]

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240,000 Credit Union Customers Exposed As Hackers Access Trove of Sensitive Data: Report

December 22, 2024 The Daily Hodl

breaches

A South Carolina credit union says 240,000 customers have been exposed in an apparent cyberattack. SRP Federal Credit Union, one of the largest in the state with over $1.6 billion in assets as of 2022, filed breach notifications with regulators in Maine and Texas on December 13th, The Record reports. A law enforcement investigation discovered […]

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DeFi rug pull surge reveals more complex crypto scam strategies

December 12, 2024 Coin Telegraph

Coin Telegraph

A look at the dark side of rug pulls and the complex manipulation strategies pervading them.

While the crypto industry has continued to reach new heights, recently hitting a market capitalization of $3.89 trillion, the decentralized finance (DeFi) landscape has witnessed a dramatic upsurge in the number of rug pull incidents.

On Nov. 14, the number of rug pull incidents peaked at an alarming 31 in a single day, while their monthly cumulative losses amounted to a sizable $15 million, signaling the escalating sophistication of scammers.

While most of these incidents involved relatively small amounts, with losses typically less than $100,000, the sheer volume and increasing complexity of these scams have posed a significant threat to the integrity of the DeFi market.

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New Chainalysis CEO expects greater clarity on stablecoins in 2025

December 5, 2024 Coin Telegraph

Business

The company’s former chief strategy officer, Jonathan Levin, assumed the role of CEO and offered his thoughts to Cointelegraph on the future of the industry.

Blockchain analytics firm Chainalysis announced the appointment of a new CEO after the departure of Michael Gronager in October.

In a Dec. 5 notice, Chainalysis said its chief strategy officer and co-founder Jonathan Levin had assumed the position of CEO, effective Dec. 3. The company also announced it had appointed former Proofpoint chief financial officer Paul Auvil to serve as an independent director on its board.

Speaking to Cointelegraph, Levin said, under his leadership, the company intended to continue expanding internationally to “protect crypto users across the world” and monitor private sector solutions for custodying digital assets. He added that he didn’t expect to see policymakers change their approach to Anti-Money Laundering (AML) and national security concerns.

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Man Loses £75,000 To Deepfake Elon Musk Investment Scheme: Report

December 1, 2024 The Daily Hodl

Daily Hodl

A man says he’s lost his entire life savings and incurred extensive debt after falling for a fraudulent investment scheme featuring celebrity deepfakes. Kitchen builder Des Healey saw a fraudulent ad on Facebook featuring money-saving expert Martin Lewis and billionaire Elon Musk promoting a non-existent Bitcoin investment strategy, BBC reports. Healey replied to the ad […]

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