Internet #fraud cost US citizens more over $10 billion in 2022, with $2.57 billion of that loss coming from #cryptocurrency investment schemes.

In 2021, fraudulent cryptocurrency investment losses will amount $907 million. The victims are mostly between the ages of 30 and 49. Getting consumers to connect their wallets to fraudulent liquidity mining software in order to steal their money or take over their social media accounts is the most common technique of fraud.

While more people are being convinced to part with their hard-earned money in these fraudulent scams, this unpleasant trend is on the rise. In order to avoid falling victim to such scams, it is essential to do sufficient research before making an investment. To further safeguard the security of your money, it is essential to only work with reputable and reliable brokers and exchangers.

Scams using bitcoin are becoming more and more of a concern for everyone, not just Americans. #Scams can take many different shapes, such as fake ICOs, Ponzi plans, and phishing. A recent Federal Trade Commission (FTC) survey found that men between the ages of 20 and 49 were the most affected demographic.

It is crucial to remember that fraudsters find cryptocurrencies and #blockchain technology to be enticing targets due to their nature. Because transactions are decentralized and participants are anonymous, it is challenging to track down and recover stolen assets. This underlines how crucial it is to use cautious while working with bitcoin.

The crypto sector is still in its infancy and has a dismal track record for its companies. Yet, this is a promising area that is anticipated to grow quickly in the future. In order to make the rules more restrictive for both enterprises and investors, government agencies are working on legal concerns.

It's crucial to use caution and awareness when investing in cryptocurrency. Do your research, work with reputable brokers, and always verify the legitimacy of investment opportunities before you deposit your money. You can prevent falling for #bitcoin investment scams by taking these precautions.

Why do we join pump group because we want to get rich quickly, pump group who are scammers will give you evidence, see how people are earning money in my group, he will put evidence of many people in the group.

This is the only trap, believing it to be true and seeing many members in the group, you get trapped in it.

Have you ever wondered why I am joining this group.

Pump group will make you pauper, it is a big racket, they don't care about your profit, they just want your money, when you get the signal in the group. Those people are already ready to buy and sell. As soon as the signal comes in the group, you pounce on the coins like a hungry wolf. There are many groups of them where they post signals and rob the innocent traders. you buy and they sell.

If you are also in such a group, then analyze the group for a few days. When you see, you will find the same signal moving in many groups. Stay away from all these or keep doing your research, don't get caught in the affair of short term profit. Money is dear to everyone. You will know the damage caused by the pump group then.

When the market will go up then you will say that I wish I had held my coins. That's why stay away from scammers. Never give money to someone who is asking for money, understand that your money is gone, it is not going to be returned. Stay away from them. Make sure to do your research.

Best wishes

#scamalert #scam #fraud #crypto fraud

#Bitcoin Farmer 2018

#DYOR #dyor

A 31-year-old woman finds herself at the center of a legal dispute over allegations of unauthorized manipulation of cryptocurrencies worth $4.2 million. Legal authorities are planning to charge her with fraudulent activities and suspicion of involvement in money laundering.
Discovery of Suspicious Financial Operations and Transactions
The case came to light based on a complaint from a company that alerted authorities to the unauthorized transfer of $4.2 million worth of Tether (USDT) stablecoins to cryptocurrency accounts associated with the defendant. Investigations revealed that between May and August 2022, unauthorized fund transfers occurred. The defendant allegedly transferred these funds to her digital wallets and used them for personal transactions. Among the seized items, believed to be proceeds from criminal activities, were white shoes, luxury accessories including a handbag and sunglasses, and a suspicious black Mercedes vehicle.
Potential Legal Consequences
The woman faces charges under laws against corruption and other offenses with a maximum threat of ten years in prison and high fines.
AI-Driven Fraud Alert
In response to the increasing number of scams, the Commodity Futures Trading Commission (CFTC) issued warnings against frauds using artificial intelligence (AI) to deceive people into risky investment schemes with digital currencies. The CFTC pointed out scammers' promises of enormous profits through AI-driven algorithms, with potential gains ranging from thousands of percent to one hundred percent success rate, exploiting public interest in AI technology.
Annual Report on Digital Currency Frauds
A report from Web3 Scam Sniffer highlights the growing risk of phishing attacks in the crypto sector, estimating losses of $300 million in 2023. Additionally, the United States Secret Service reported the seizure of approximately half a million dollars in digital currencies associated with investment scams in Southeast Asia.
#crypto #crime #fraud

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

 

The cryptocurrency industry is constantly evolving, and with it, the number of scams and frauds. It is important for investors to be aware of the red flags that indicate a fraudulent crypto project.

Here are 10 tips for spotting a scam crypto project:

Examining the Project Team: Evaluating the individuals steering a cryptocurrency endeavor holds paramount significance. Have they demonstrated a history of accomplishments within the sector? Are they forthcoming in revealing their credentials and expertise?

Check for partnerships: Be wary of projects that claim to have partnerships with major companies or organizations without providing any evidence. These partnerships are often fabricated in order to mislead investors.

Read the white paper: The white paper is a document that outlines the project's goals, technology, and tokenomics. It should be well-written and easy to understand. Avoid projects with white papers that are full of jargon or technical terms.

Analyze the tokenomics: The tokenomics of a project refers to its economic structure. Make sure that the token distribution is fair and that the project has a sustainable plan for generating revenue.

Look at the community. A strong community is a good sign of a legitimate project. Check for active social media channels and forums where investors can ask questions and get support.

Track the project's progress: Legitimate projects will be constantly working to develop their products and services. Make sure that the project is making progress and that there is a clear roadmap for the future.

Avoid hype-driven projects: Be wary of projects that promise unrealistic returns or that are heavily marketed. These projects are often scams.

Verify regulatory compliance: Legitimate projects will comply with all applicable laws and regulations. Check to see if the project is registered with any government agencies or financial regulators.

Consider the practical application: Does the project solve a real-world problem? Is there a clear use case for the token? Projects that lack a clear purpose are more likely to be scams.

Get independent opinions: Don't rely solely on the information provided by the project team. Read reviews from independent experts and ask questions in the community.

By adhering to these guidelines, you can effectively shield yourself from cryptocurrency scams. Bear in mind, it's essential to conduct thorough research prior to considering any project for investment purposes.

Here are some extra nuggets of wisdom to ensure your safety within the crypto realm:

Financial Prudence First: Limit your investments to an amount you're comfortable parting with, even if the market takes an unexpected turn.

Safeguard Your Keys: Guard your private keys and seed phrase like your most precious possessions. Treat them as the keys to your digital kingdom, and never share them with anyone.

Navigate with Caution: When treading the online pathways, exercise caution before clicking on links, especially those nestled in emails or lurking on social media platforms. Verifying their authenticity is your digital armor.

Fortify Your Wallet: Pick a robust, secure wallet for your cryptocurrency. Think of it as your digital fortress, built to withstand potential attacks and unauthorized access.

Eternal Vigilance in Updates: Keep your software updated religiously. Patches and upgrades are the sentinels guarding your system against vulnerabilities.

Stay One Step Ahead: Stay attuned to the evolving world of scams and swindles. Being in the know about the latest schemes can be your shield against falling prey to them.

By embracing these pearls of wisdom, you'll be fortifying your defenses against the lurking shadows of crypto fraud. #crypto #scam #fraud #scammer

Ivan Turogin and Sergei Potapenko face 18 charges in the United States and long prison terms for allegedly making HashFlare a Ponzi scheme.
Co-founders of the defunct #Bitcoin cloud mining service HashFlare, Ivan Turogin and Sergei Potapenko, are facing renewed efforts for their extradition from Estonia to the United States. Initially stalled by an Estonian appeals court in November, the extradition process has been reinitiated after the Estonian government fulfilled the necessary conditions.
The duo is facing 18 charges in the U.S., including conspiracy, wire fraud, and conspiracy to commit money laundering, with potential prison sentences of up to 20 years each. HashFlare, formerly a prominent cloud miner, is accused of operating as a Ponzi scheme.
Arrested in Estonia in November 2022 following a joint U.S.-Estonian investigation, Turogin and Potapenko successfully challenged their extradition in November. The court ruled that the initial extradition decision didn't adequately consider U.S. detention conditions. They were ordered to receive financial compensation as a result.
However, the Estonian government has now presented evidence assuring that extradition will not disproportionately infringe on the individuals' fundamental rights. This was reported by the Estonian news outlet Postimees.
HashFlare, which amassed $575 million, collapsed in 2019 after facing operational issues since 2018. The U.S. Department of Justice alleges that Turogin and Potapenko misled customers about HashFlare's mining capabilities, lacking the claimed equipment and computing power. The scam reportedly affected "hundreds of thousands" of victims, with the FBI continuing to search for affected parties.
Additionally, the pair is accused of failing to develop a digital bank named Polybius, despite raising $25 million from investors for this purpose.
$BTC
#BTC #fraud #mining

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

South Korean prosecutors have announced the identification of criminal proceeds totaling at least 410 billion won, while the amount of reimbursement reached 300 billion won. This revelation highlights the extent of criminal activity and the need for strong measures to combat it.

The prosecutors’ investigations have focused on a variety of criminal activities, including embezzlement, fraud, and money laundering. The funds that have been identified are believed to have been obtained through a range of illicit activities, such as the misappropriation of company funds or the sale of counterfeit goods.

The scale of the criminal activity uncovered by prosecutors is significant, with hundreds of billions of won being identified as criminal proceeds. This indicates the seriousness of the problem of financial crime in South Korea, and highlights the need for measures to combat it.

In addition to identifying the criminal proceeds, prosecutors have also been working to recover these funds. The amount of reimbursement reached 300 billion won, demonstrating the success of these efforts.

The recovery of these funds is a crucial step in combating financial crime, as it not only deprives criminals of their ill-gotten gains but also serves as a deterrent to others who may be tempted to engage in similar activities.

Overall, the identification of criminal proceeds totaling at least 410 billion won and the recovery of 300 billion won in reimbursement is a significant development in the fight against financial crime in South Korea. The efforts of prosecutors to identify and recover these funds serve as an important reminder of the need for continued vigilance in the fight against financial crime.

#terra #luna #fraud #crime #dokwon

A new report issued by debtors of the cryptocurrency exchange FTX has shed light on the reasons behind the company's downfall. The report suggests that FTX's failure was caused by a combination of hubris and greed, which ultimately led to the exchange's demise.

The report, which was compiled by a group of FTX's former clients, highlights several key factors that contributed to the exchange's downfall. One of the main issues identified in the report was FTX's aggressive expansion strategy, which saw the exchange launch several new products and services in a short period of time.

According to the report, FTX's expansion was driven by a desire for rapid growth and a belief that the company could outpace its competitors. However, this approach proved to be unsustainable, and FTX's resources were stretched thin, leading to a decline in the quality of its services and a loss of customer confidence.

The report also suggests that FTX's leadership was driven by hubris, which led to poor decision-making and a failure to listen to feedback from clients and stakeholders. This was particularly evident in FTX's approach to risk management, which the report describes as "reckless" and "overly optimistic."

Finally, the report suggests that FTX's downfall was also driven by greed. According to the report, the exchange's management team was primarily focused on maximizing profits, often at the expense of the company's long-term sustainability. This approach led to a lack of investment in essential infrastructure and risk management systems, ultimately contributing to the exchange's downfall.

The report's findings raise important questions about the cryptocurrency industry's overall approach to risk management and sustainability. As the industry continues to grow and evolve, it is essential that companies prioritize the long-term health of their businesses, rather than simply chasing short-term profits.

In response to the report, FTX has stated that it is committed to addressing the issues raised by its former clients and improving the quality of its services. The exchange has already taken several steps to improve its risk management systems and has announced plans to focus more on the long-term sustainability of its business.

Overall, the report's findings highlight the need for a more thoughtful and measured approach to cryptocurrency trading and investment. As the industry continues to mature, it will be essential for companies to prioritize the long-term health of their businesses, rather than simply chasing short-term gains.

#ftxcollapse #ftx #crypto #investors #fraud

According to a recent article in The New York Times, Sam "SBF" Bankman-Fried, the founder of the cryptocurrency exchange FTX, is providing investment advice to prison guards and suggesting investments in the cryptocurrency Solana.
SBF's legal representatives seek a lighter sentence
The legal team of former FTX chief, Sam "SBF" Bankman-Fried, filed a motion in the Federal District Court in Manhattan requesting a sentence ranging from five and a quarter years to six and a half years. Following charges of multiple offenses including fraud and money laundering, which could have led SBF to face up to 110 years in prison, this request emerges as a response to last year's jury verdict.
Details of the charges and expected sentence
SBF faces charges of various financial crimes, including wire fraud, conspiracy to commit securities fraud, and money laundering. The sentence for SBF is scheduled to be handed down by Judge Lewis A. Kaplan on March 28, while federal prosecutors are expected to submit their sentencing recommendation by March 15. A preliminary investigation report suggested a sentence of 100 years.
Defense arguments for a reduced sentence
SBF's lawyers have labeled the proposed century-long sentence as "barbaric," pointing out that SBF is a first-time offender with no prior criminal record and that four co-defendants have confessed to the crimes. Furthermore, they argued that the damages to clients, creditors, and investors are zero, as the bankruptcy process of FTX is expected to enable full reimbursement to clients for their losses.
SBF's life in prison and his advice to prison guards
Since his imprisonment at the Metropolitan Detention Center in Brooklyn last summer, several stories about SBF have emerged from prison, including his offering of trading and investment advice to prison guards, recommending investment in the cryptocurrency Solana. This activity follows the collapse of FTX, one of the largest crypto exchanges, which was valued at $32 billion in January 2022 before collapsing in November of the same year due to mismanagement and fraud involving $8 billion of customer funds.
$SOL
#Solana #SBF #fraud

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“