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👉👉👉 #P2PSafety : How to Recognize and Avoid Paid-but-Canceled #Scams
Main Takeaways:
The "paid-but-canceled" P2P scam involves scammers posing as crypto sellers who trick buyers into canceling their orders after payment, leading to financial loss.
Key Advice:
1. Never cancel a P2P order after payment unless you're sure it's legitimate.
2. If you suspect fraud after canceling an order on Binance P2P, immediately file an appeal with Binance’s Live Chat support.
Understanding the Scam:
- Scammers post attractive offers, initiate trades, and then convince buyers to cancel orders after payment by claiming errors or needing to restart the trade. Once canceled, the scammer disappears with the buyer’s money.
Protection Tips:
- Avoid canceling orders after payment.
- Be cautious of suspiciously good offers.
- Keep all communications on Binance and avoid sharing personal contact details.
If Scammed:
- Report the issue to Binance support immediately.
- Document all communications and transactions.
- Follow Binance’s guide to report the scam.
Source - binance.com
#CryptoTrends2024 #BinanceSquareTalks #ScamAwareness
Main Takeaways:
The "paid-but-canceled" P2P scam involves scammers posing as crypto sellers who trick buyers into canceling their orders after payment, leading to financial loss.
Key Advice:
1. Never cancel a P2P order after payment unless you're sure it's legitimate.
2. If you suspect fraud after canceling an order on Binance P2P, immediately file an appeal with Binance’s Live Chat support.
Understanding the Scam:
- Scammers post attractive offers, initiate trades, and then convince buyers to cancel orders after payment by claiming errors or needing to restart the trade. Once canceled, the scammer disappears with the buyer’s money.
Protection Tips:
- Avoid canceling orders after payment.
- Be cautious of suspiciously good offers.
- Keep all communications on Binance and avoid sharing personal contact details.
If Scammed:
- Report the issue to Binance support immediately.
- Document all communications and transactions.
- Follow Binance’s guide to report the scam.
Source - binance.com
#CryptoTrends2024 #BinanceSquareTalks #ScamAwareness
Don't Let Scammers Steal Your Crypto: Here's How to Protect Yourself
Safeguarding Your Crypto Investments: A Comprehensive Guide to Recognizing and Avoiding #Crypto Scams
The rise in popularity of cryptocurrencies has led to an increase in scams and security threats in the crypto space.
This article provides a comprehensive guide to help you navigate the world of cryptocurrencies while keeping your investments safe.
Recognizing Common Crypto #Scams
Ponzi Schemes and High-Yield Investment Programs (HYIPs):
These scams promise high returns on investment but rely on new investors' money to pay off existing investors.
Be cautious of schemes that guarantee unrealistic profits with little to no risk.
Initial Coin Offering (ICO) Scams:
ICOs can be an avenue for scammers to raise funds for fake projects or simply disappear after raising funds.
Thoroughly research #ICO projects, their teams, and the viability of their proposed concepts before investing.
Fake Exchanges and Wallets:
Fraudsters create fake websites or apps that resemble legitimate exchanges or wallets to steal users' funds.
Verify the authenticity of exchanges and wallets by checking reviews, website security features, and community feedback.
Phishing Attacks and Malware:
Phishing emails, websites, and malware are designed to trick users into revealing their sensitive information or gaining unauthorized access to their wallets.
Be cautious of suspicious links, emails, and downloads. Always verify the authenticity of communication channels before providing any information.
Conducting Due Diligence:
Researching Projects and Teams:
Thoroughly investigate the background and credentials of the project team and advisors.
Look for transparency in their communications and ensure their goals align with the project's vision.
Verifying Exchange and Wallet Security:
Choose reputable exchanges and wallets with strong security measures, such as two-factor authentication (2FA) and cold storage options.
Check for regulatory compliance and audit reports, if available.
Scrutinizing Whitepapers and Roadmaps:
Analyze project whitepapers and roadmaps to assess the legitimacy and feasibility of their plans.
Look for detailed information about the project's technology, use case, and long-term vision.
Checking Community Engagement and Reputation:
Engage with the project's community to gauge their sentiment and responsiveness.
Investigate the project's reputation by reading reviews, participating in forums, and seeking feedback from trusted sources.
Protecting Your Private Keys and Wallets:
Understanding the Importance of Private Keys:
Private keys are the access codes to your cryptocurrency wallets. Keep them secure and never share them with anyone.
Utilizing Hardware Wallets and Cold Storage:
Hardware wallets provide an offline, secure storage solution for your cryptocurrencies.
Consider storing a majority of your funds in cold storage devices disconnected from the internet.
Implementing Strong Passwords and Two-Factor Authentication (2FA):
Create unique and complex passwords for your crypto accounts.
Enable 2FA to add an extra layer of security by requiring a verification code in addition to your password.
Regularly Updating and Backing Up Your Wallets:
Keep your wallets and software up to date with the latest security patches.
Regularly backup your wallet files and keep them in secure offline locations.
Secure Trading Practices:
Using Trusted Exchanges and Escrow Services:
Stick to well-known and reputable exchanges for trading cryptocurrencies.
Consider using escrow services for high-value transactions to mitigate the risk of fraud.
Avoiding Unverified Social Media and Telegram Groups:
Be cautious of social media accounts and Telegram groups offering investment advice or promising huge returns.
Verify the authenticity of individuals and groups before trusting their recommendations.
Verifying
Double-check the URLs of websites and ensure they are secure (beginning with "https://") and correctly spelled.
Avoid clicking on suspicious links or entering your credentials on unfamiliar websites to prevent falling victim to phishing attacks.
Double-Checking Transaction Details:
Before confirming any transaction, carefully review the details, including the recipient address and the amount being transferred.
Be cautious of any unexpected or unsolicited requests for funds.
Staying Informed and Educated:
Following Reliable Crypto News Sources:
Stay updated on the latest news and developments in the crypto industry through reputable news sources.
Be cautious of sensationalized or unverified information.
Engaging with Crypto Communities and Forums:
Participate in crypto communities and forums to learn from experienced members and gain insights into potential scams or security threats.
Share knowledge and experiences to help others stay informed and protected.
Being Cautious of Pump-and-Dump Schemes:
Beware of schemes that manipulate the prices of cryptocurrencies through coordinated buying and selling.
Avoid participating in pump-and-dump groups that promise quick profits.
Consulting Experts and Seeking Professional Advice:
If unsure about an investment or suspicious activity, consult with crypto experts or seek professional advice from legal or financial advisors.
They can provide valuable insights and help you make informed decisions.
Reporting and Taking Action:
Reporting Scams and Fraudulent Activities:
Report any scams, frauds, or suspicious activities to relevant authorities, such as local law enforcement or regulatory bodies.
Provide all necessary information and evidence to assist in their investigations.
Contacting Law Enforcement and Regulatory Authorities:
Seek guidance from law enforcement agencies or regulatory authorities if you have become a victim of a crypto scam or security breach.
They can provide assistance in recovering lost funds or taking legal action against perpetrators.
Seeking Legal Recourse if Necessary:
If significant financial loss occurs due to a crypto scam, consider consulting with a lawyer to explore legal options.
They can advise you on the best course of action based on the specific circumstances.
Sharing Experiences to Raise Awareness:
Share your experiences with scams or security incidents to raise awareness and help others avoid similar pitfalls.
Participate in educational initiatives to promote a safer crypto ecosystem.
Conclusion: By understanding common crypto scams, conducting due diligence, implementing robust security measures, staying informed, and taking necessary actions, you can safeguard your crypto investments. Remember, vigilance and proactive measures are crucial to protect yourself from scams and security threats. Stay educated, trust your instincts, and prioritize the security of your digital assets.
Hello, it's CryptoPatel here!
Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.
If you enjoy my content, please show your support by liking, sharing, and following. Let's stay connected for exciting updates!
$BTC $PEPE $AVAX
#Binance #Educational
The rise in popularity of cryptocurrencies has led to an increase in scams and security threats in the crypto space.
This article provides a comprehensive guide to help you navigate the world of cryptocurrencies while keeping your investments safe.
Recognizing Common Crypto #Scams
Ponzi Schemes and High-Yield Investment Programs (HYIPs):
These scams promise high returns on investment but rely on new investors' money to pay off existing investors.
Be cautious of schemes that guarantee unrealistic profits with little to no risk.
Initial Coin Offering (ICO) Scams:
ICOs can be an avenue for scammers to raise funds for fake projects or simply disappear after raising funds.
Thoroughly research #ICO projects, their teams, and the viability of their proposed concepts before investing.
Fake Exchanges and Wallets:
Fraudsters create fake websites or apps that resemble legitimate exchanges or wallets to steal users' funds.
Verify the authenticity of exchanges and wallets by checking reviews, website security features, and community feedback.
Phishing Attacks and Malware:
Phishing emails, websites, and malware are designed to trick users into revealing their sensitive information or gaining unauthorized access to their wallets.
Be cautious of suspicious links, emails, and downloads. Always verify the authenticity of communication channels before providing any information.
Conducting Due Diligence:
Researching Projects and Teams:
Thoroughly investigate the background and credentials of the project team and advisors.
Look for transparency in their communications and ensure their goals align with the project's vision.
Verifying Exchange and Wallet Security:
Choose reputable exchanges and wallets with strong security measures, such as two-factor authentication (2FA) and cold storage options.
Check for regulatory compliance and audit reports, if available.
Scrutinizing Whitepapers and Roadmaps:
Analyze project whitepapers and roadmaps to assess the legitimacy and feasibility of their plans.
Look for detailed information about the project's technology, use case, and long-term vision.
Checking Community Engagement and Reputation:
Engage with the project's community to gauge their sentiment and responsiveness.
Investigate the project's reputation by reading reviews, participating in forums, and seeking feedback from trusted sources.
Protecting Your Private Keys and Wallets:
Understanding the Importance of Private Keys:
Private keys are the access codes to your cryptocurrency wallets. Keep them secure and never share them with anyone.
Utilizing Hardware Wallets and Cold Storage:
Hardware wallets provide an offline, secure storage solution for your cryptocurrencies.
Consider storing a majority of your funds in cold storage devices disconnected from the internet.
Implementing Strong Passwords and Two-Factor Authentication (2FA):
Create unique and complex passwords for your crypto accounts.
Enable 2FA to add an extra layer of security by requiring a verification code in addition to your password.
Regularly Updating and Backing Up Your Wallets:
Keep your wallets and software up to date with the latest security patches.
Regularly backup your wallet files and keep them in secure offline locations.
Secure Trading Practices:
Using Trusted Exchanges and Escrow Services:
Stick to well-known and reputable exchanges for trading cryptocurrencies.
Consider using escrow services for high-value transactions to mitigate the risk of fraud.
Avoiding Unverified Social Media and Telegram Groups:
Be cautious of social media accounts and Telegram groups offering investment advice or promising huge returns.
Verify the authenticity of individuals and groups before trusting their recommendations.
Verifying
Double-check the URLs of websites and ensure they are secure (beginning with "https://") and correctly spelled.
Avoid clicking on suspicious links or entering your credentials on unfamiliar websites to prevent falling victim to phishing attacks.
Double-Checking Transaction Details:
Before confirming any transaction, carefully review the details, including the recipient address and the amount being transferred.
Be cautious of any unexpected or unsolicited requests for funds.
Staying Informed and Educated:
Following Reliable Crypto News Sources:
Stay updated on the latest news and developments in the crypto industry through reputable news sources.
Be cautious of sensationalized or unverified information.
Engaging with Crypto Communities and Forums:
Participate in crypto communities and forums to learn from experienced members and gain insights into potential scams or security threats.
Share knowledge and experiences to help others stay informed and protected.
Being Cautious of Pump-and-Dump Schemes:
Beware of schemes that manipulate the prices of cryptocurrencies through coordinated buying and selling.
Avoid participating in pump-and-dump groups that promise quick profits.
Consulting Experts and Seeking Professional Advice:
If unsure about an investment or suspicious activity, consult with crypto experts or seek professional advice from legal or financial advisors.
They can provide valuable insights and help you make informed decisions.
Reporting and Taking Action:
Reporting Scams and Fraudulent Activities:
Report any scams, frauds, or suspicious activities to relevant authorities, such as local law enforcement or regulatory bodies.
Provide all necessary information and evidence to assist in their investigations.
Contacting Law Enforcement and Regulatory Authorities:
Seek guidance from law enforcement agencies or regulatory authorities if you have become a victim of a crypto scam or security breach.
They can provide assistance in recovering lost funds or taking legal action against perpetrators.
Seeking Legal Recourse if Necessary:
If significant financial loss occurs due to a crypto scam, consider consulting with a lawyer to explore legal options.
They can advise you on the best course of action based on the specific circumstances.
Sharing Experiences to Raise Awareness:
Share your experiences with scams or security incidents to raise awareness and help others avoid similar pitfalls.
Participate in educational initiatives to promote a safer crypto ecosystem.
Conclusion: By understanding common crypto scams, conducting due diligence, implementing robust security measures, staying informed, and taking necessary actions, you can safeguard your crypto investments. Remember, vigilance and proactive measures are crucial to protect yourself from scams and security threats. Stay educated, trust your instincts, and prioritize the security of your digital assets.
Hello, it's CryptoPatel here!
Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.
If you enjoy my content, please show your support by liking, sharing, and following. Let's stay connected for exciting updates!
$BTC $PEPE $AVAX
#Binance #Educational
#bitcoinhalving
What is Binance? Binance Exchange Review 2024
For cryptocurrency investors, Binance is likely a familiar name. So, what is Binance? Is this exchange a #Scam? Let's find out together!
Table of Contents
What is Binance?
Binance, a cryptocurrency trading and exchange platform, was founded in 2017 in China. It is currently the world’s largest cryptocurrency #exchange with over 1000 trading pairs.
#cz , the head of Binance, previously worked as a manager in the Development Department of Blockchain.com and was the founder and technical manager of the famous exchange
#BinanceLaunchpool
What is Binance? Binance Exchange Review 2024
For cryptocurrency investors, Binance is likely a familiar name. So, what is Binance? Is this exchange a #Scam? Let's find out together!
Table of Contents
What is Binance?
Binance, a cryptocurrency trading and exchange platform, was founded in 2017 in China. It is currently the world’s largest cryptocurrency #exchange with over 1000 trading pairs.
#cz , the head of Binance, previously worked as a manager in the Development Department of Blockchain.com and was the founder and technical manager of the famous exchange
#BinanceLaunchpool
🚨🚨7.8 Billion $ Lost In crypto scams in 2022 🚨
According To a report by blockchain Intelligence Firm TRM Labs 7.8 Billion were lost in ponzi and pyramid schemes in crypto in 2022 alone. Also 1.5 Billion usd were sent t darknet For illict activities and 3.7$ billion were Gone in hacks or other things.
In total 9.04 billion was Wasted in all Fraud schemes in 2022 accroding to TRM labs . This amount is significant because 2022 was market by svere bear run and These things happening In this year Make it more shocking
how do you suggest scams in crypto can be stopped ?
#Scams #news
According To a report by blockchain Intelligence Firm TRM Labs 7.8 Billion were lost in ponzi and pyramid schemes in crypto in 2022 alone. Also 1.5 Billion usd were sent t darknet For illict activities and 3.7$ billion were Gone in hacks or other things.
In total 9.04 billion was Wasted in all Fraud schemes in 2022 accroding to TRM labs . This amount is significant because 2022 was market by svere bear run and These things happening In this year Make it more shocking
how do you suggest scams in crypto can be stopped ?
#Scams #news
Can anyone tell me why I have got liquidated .?
I have a possition on INJ 2days now, not sure how but price od INJ reached 36 so it can liquidate as much longs as possible🤷♂️.
Well this was my possition and it was safe from it, you can even see that loss was 233 usdt and I had invested 250usdt… anyone know ?#Scam?
I have a possition on INJ 2days now, not sure how but price od INJ reached 36 so it can liquidate as much longs as possible🤷♂️.
Well this was my possition and it was safe from it, you can even see that loss was 233 usdt and I had invested 250usdt… anyone know ?#Scam?
Breaking News: Cryptocurrency Scammer Arrested in South Korea
🚨 Breaking News: Cryptocurrency Scammer Arrested in South Korea 🚔💔
South Korean police have apprehended a 38-year-old man suspected of operating a cryptocurrency scam that specifically targeted housewives and office workers.
The unidentified man is accused of deceiving his victims, resulting in losses of approximately $218,000, by enticing them with promises of high profits through investments in his cryptocurrency project.
Operating between September 2019 and August 2022, the suspect allegedly posed as a successful crypto trader or a well-qualified civil servant in investment and crypto-themed group chats on the KakaoTalk chat app platform. His primary targets were individuals seeking opportunities to boost their income.
According to reports, the scammer would convince victims that he would invest their funds in tokens set to be listed on major exchanges. However, instead of fulfilling his promises, he misused the money for online gambling at crypto-powered casinos.
This arrest occurs amidst a surge in cryptocurrency scams across South Korea. In response, authorities established a dedicated unit in March, solely focused on combating crypto-related scams. This unit is responsible for investigating and prosecuting those involved in fraudulent activities within the cryptocurrency space.
Law enforcement is also grappling with a sharp increase in drug dealing facilitated by cryptocurrencies. In 2022, the number of drug transactions involving cryptocurrencies skyrocketed by a staggering 250% compared to the previous year.
Stay vigilant and protect your investments! 🕵️♀️🔒
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#Binance #Scams #feedfeverchallenge #crypto #pepe
South Korean police have apprehended a 38-year-old man suspected of operating a cryptocurrency scam that specifically targeted housewives and office workers.
The unidentified man is accused of deceiving his victims, resulting in losses of approximately $218,000, by enticing them with promises of high profits through investments in his cryptocurrency project.
Operating between September 2019 and August 2022, the suspect allegedly posed as a successful crypto trader or a well-qualified civil servant in investment and crypto-themed group chats on the KakaoTalk chat app platform. His primary targets were individuals seeking opportunities to boost their income.
According to reports, the scammer would convince victims that he would invest their funds in tokens set to be listed on major exchanges. However, instead of fulfilling his promises, he misused the money for online gambling at crypto-powered casinos.
This arrest occurs amidst a surge in cryptocurrency scams across South Korea. In response, authorities established a dedicated unit in March, solely focused on combating crypto-related scams. This unit is responsible for investigating and prosecuting those involved in fraudulent activities within the cryptocurrency space.
Law enforcement is also grappling with a sharp increase in drug dealing facilitated by cryptocurrencies. In 2022, the number of drug transactions involving cryptocurrencies skyrocketed by a staggering 250% compared to the previous year.
Stay vigilant and protect your investments! 🕵️♀️🔒
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#Binance #Scams #feedfeverchallenge #crypto #pepe
THE LATEST SCAM IN CRYPTO: You Can Lose All Your Coins in Seconds
Scams in the crypto space have evolved and become more sophisticated over time due to various factors, including the increasing popularity of cryptocurrencies, the relative anonymity of transactions, and the lack of regulatory oversight in some jurisdictions.
Scammers can now get access to your phone when you click an unsuspecting link on social media platforms.
The latest scam is called Cryptoshuffler. This trojan steals coins under your nose by replacing your copied wallet address in your clipboard. Ordinarily, when you copy and paste wallet addresses, you have nothing to fear until cryptoshuffler comes into play.
Now your copied wallet address can be replaced with a scammer's address without your knowledge.
Stay safe, guys.
#Scams
Scams in the crypto space have evolved and become more sophisticated over time due to various factors, including the increasing popularity of cryptocurrencies, the relative anonymity of transactions, and the lack of regulatory oversight in some jurisdictions.
Scammers can now get access to your phone when you click an unsuspecting link on social media platforms.
The latest scam is called Cryptoshuffler. This trojan steals coins under your nose by replacing your copied wallet address in your clipboard. Ordinarily, when you copy and paste wallet addresses, you have nothing to fear until cryptoshuffler comes into play.
Now your copied wallet address can be replaced with a scammer's address without your knowledge.
Stay safe, guys.
#Scams
In recent weeks, a group of scammers have hijacked more than eight Twitter accounts belonging to prominent figures in the crypto space. The group has stolen almost $1 million worth of cryptocurrency so far.
Accounts that have been hacked include those of:
💠Cole Villemain, founder of the Chubby Penguins
💠DJ and NFT collector Steve Aoki
💠Bitcoin Magazine Editor Pete Rizzo
💠Crypto influencer and entrepreneur Gary Vaynerchuk
💠Golden Beetle Peter Schiff
Fraudsters were able to take control of these accounts using a variety of methods, including SIM card swapping and phishing attacks. Once in control of the accounts, they used them to promote phishing scams. These scams involved sending tweets that appeared to be from the legitimate account holders, but actually contained links to fake websites.
#Scams
Accounts that have been hacked include those of:
💠Cole Villemain, founder of the Chubby Penguins
💠DJ and NFT collector Steve Aoki
💠Bitcoin Magazine Editor Pete Rizzo
💠Crypto influencer and entrepreneur Gary Vaynerchuk
💠Golden Beetle Peter Schiff
Fraudsters were able to take control of these accounts using a variety of methods, including SIM card swapping and phishing attacks. Once in control of the accounts, they used them to promote phishing scams. These scams involved sending tweets that appeared to be from the legitimate account holders, but actually contained links to fake websites.
#Scams
Please invest carefully. $NOT all investments yield. Some are #Scams kindly pay attention to more such alerts before investing. $BNB #Write2Earn!
LIVE
Binance Risk Sniper
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Scam warning about the 'mbkcenter.vip' scam in the Middle East
'mbkcenter.vip' is a typical Ponzi scheme project. Your profit depends on the amount of your deposit and the number of people you invite. Currently, we have received a small number of users' reports. Please keep investing rationally in the Middle East.
If you encounter such scam, please report it to us promptly. At the same time, please forward this information to your relatives and friends. Thank you for your cooperation.
'mbkcenter.vip' is a typical Ponzi scheme project. Your profit depends on the amount of your deposit and the number of people you invite. Currently, we have received a small number of users' reports. Please keep investing rationally in the Middle East.
If you encounter such scam, please report it to us promptly. At the same time, please forward this information to your relatives and friends. Thank you for your cooperation.
Nowadays, a new scam is rising in the Crypto market.
➜ Basically, the hardcore believers of any token will represent some data to make you believe that their favourite token, 'XYZ', is getting listed on big exchanges like Binance.
➜ They will show you the Binance hot wallet, where you will see the 'XYZ' token, and after that, you will ape into that token, thinking that the token will get listed on Binance.
➜ But keep in mind that a lot of people mistakenly send their tokens to some exchanges.
➜ Also, sometimes the team itself or any big token holder sends their tokens to Binance hot wallets to make them believe that their token listing is about to happen.
➜ In most cases, this will turn out to be false, and you will be left holding the bag.
So, always verify things before making any investment decision.
#Scams #Write2Earn #Binance
➜ Basically, the hardcore believers of any token will represent some data to make you believe that their favourite token, 'XYZ', is getting listed on big exchanges like Binance.
➜ They will show you the Binance hot wallet, where you will see the 'XYZ' token, and after that, you will ape into that token, thinking that the token will get listed on Binance.
➜ But keep in mind that a lot of people mistakenly send their tokens to some exchanges.
➜ Also, sometimes the team itself or any big token holder sends their tokens to Binance hot wallets to make them believe that their token listing is about to happen.
➜ In most cases, this will turn out to be false, and you will be left holding the bag.
So, always verify things before making any investment decision.
#Scams #Write2Earn #Binance
MetaMask to alarm users about scams
◾MetaMask will soon get a new feature that would alarm users about contacting an address of a scammer.
#Metamask #Scams #Cryptomarketupdates #BTC #ETH
◾MetaMask will soon get a new feature that would alarm users about contacting an address of a scammer.
#Metamask #Scams #Cryptomarketupdates #BTC #ETH
#Blockchain Australia CEO: You Can’t Call Everything in #Crypto as a ‘#Scam’
On Monday, June 26, Blockchain Australia introduced Simon Callaghan as the new #CEO of the industry’s peak body. Callaghan intends to foster crypto regulations. However, he doesn’t want the region or the regulators to echo the U.S. Securities and #Exchange Commission’s blueprint.
On Monday, June 26, Blockchain Australia introduced Simon Callaghan as the new #CEO of the industry’s peak body. Callaghan intends to foster crypto regulations. However, he doesn’t want the region or the regulators to echo the U.S. Securities and #Exchange Commission’s blueprint.
Crypto at the Center of $300M Fraud Case in China.
21 people were sentenced in a case involving converting 'dirty' $USDC to RMB.
A court in Tongliang, #China – located near Chongqing – has sentenced 21 people for their role in transferring the proceeds of online fraud and illegal casinos denominated in Tether (USDT) to Chinese Yuan (RMB), totaling 2.25 billion RMB ($307 million).
According to a bulletin from the court, two defendants, with the surnames Jiang and Zheng, worked to recruit 19 other money mules. The group, according to court documents, used a decentralized wallet called Bitpie (similar to Metamask) to move the USDT to local P2P exchanges on virtual currency platforms to convert it to Reminbi.
They then withdrew the fiat currency in different cities around the country using false pretenses like project payments and workers’ wages when asked for a reason for the transfer. Court documents say that Jiang profited 22.62 million RMB ($3 million) for his efforts.
The court found the group guilty of disguising and concealing criminal proceeds, sentencing them to various prison terms and imposing fines, with Jiang getting six years, three months, and a 500,000 RMB fine. In comparison, Zheng was also fined the exact amount and was sentenced to 6 years.
Although the court document isn’t specific about where this USDT came from, it’s a popular digital asset used by fraud rings operating in Southeast Asia. In his new book, Number Go Up, Bloomberg journalist Zeke Faux documents how these gangs are effectively powered by Tether.
#Write2Earn #Scams $BTC $ETH
21 people were sentenced in a case involving converting 'dirty' $USDC to RMB.
A court in Tongliang, #China – located near Chongqing – has sentenced 21 people for their role in transferring the proceeds of online fraud and illegal casinos denominated in Tether (USDT) to Chinese Yuan (RMB), totaling 2.25 billion RMB ($307 million).
According to a bulletin from the court, two defendants, with the surnames Jiang and Zheng, worked to recruit 19 other money mules. The group, according to court documents, used a decentralized wallet called Bitpie (similar to Metamask) to move the USDT to local P2P exchanges on virtual currency platforms to convert it to Reminbi.
They then withdrew the fiat currency in different cities around the country using false pretenses like project payments and workers’ wages when asked for a reason for the transfer. Court documents say that Jiang profited 22.62 million RMB ($3 million) for his efforts.
The court found the group guilty of disguising and concealing criminal proceeds, sentencing them to various prison terms and imposing fines, with Jiang getting six years, three months, and a 500,000 RMB fine. In comparison, Zheng was also fined the exact amount and was sentenced to 6 years.
Although the court document isn’t specific about where this USDT came from, it’s a popular digital asset used by fraud rings operating in Southeast Asia. In his new book, Number Go Up, Bloomberg journalist Zeke Faux documents how these gangs are effectively powered by Tether.
#Write2Earn #Scams $BTC $ETH
Senior citizens in Hong Kong lose over $1.3M to cryptocurrency and investment scams, as fraudsters prey on vulnerable individuals with promises of high returns.
#Scams #crypto2023
https://blockchainreporter.net/senior-citizens-fall-victim-to-cryptocurrency-scams-in-hong-kong/
#Scams #crypto2023
https://blockchainreporter.net/senior-citizens-fall-victim-to-cryptocurrency-scams-in-hong-kong/
