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Indian Police Investigate $2.7 Million Cryptocurrency Scam Promising Fixed Returns
Indian law enforcement authorities have launched an investigation into a cryptocurrency investment scam that deceived hundreds of locals out of millions of rupees. The scam lured investors by promising fixed monthly returns of 10%.
Cryptocurrency Fraud in Andhra Pradesh
According to a November 4 report from the Deccan Chronicle, Indian police are handling a case affecting 320 residents in the state of Andhra Pradesh. Allegedly orchestrated by a single individual, Ramanjaneyulu, the scam caused total losses of at least 23 million rupees (approximately $2.73 million). However, some estimates suggest the actual amount may be even higher.
Promises of Fixed Returns and Credibility Through Major Exchanges
Ramanjaneyulu reportedly attracted investors by guaranteeing 10% monthly returns on each investment of one lakh rupees. He bolstered the scheme’s credibility by claiming to use prominent cryptocurrency exchanges such as Binance and OKX.
Wide-Ranging Impact Across Various Social Strata
Operating since 2021, the scam impacted a broad demographic, including entrepreneurs, politicians, government employees, traders, and other officials. Some investors even took loans to participate, only to suffer severe losses.
India as a Hub for Cryptocurrency-Related Scams
Due to the high interest in #Cryptocurrencies among locals, India has become a frequent target for scammers. According to the global cryptocurrency adoption index by Chainalysis, India is among the top-ranking countries in this area. However, this widespread adoption has also led to an increase in scams.
Rise of Crypto Scams in India
Between October 2023 and March 2024, Indian citizens reportedly lost around 500 crore INR (about $60 million) due to cryptocurrency scams. Last month, Indian authorities launched an investigation into another trading app that promised returns of up to 50% but ultimately deceived at least 700 victims out of more than $119,000. The platform, with ties to Hong Kong, was abruptly shut down.
Further Crackdown on a Fake Crypto Platform in August
In August, police arrested four operators of another fraudulent cryptocurrency platform. This platform also offered investment opportunities but was shut down after police intervention.
#Cryptoscam , #india_crypto , #bitcoin☀️ , #scamalert
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Cryptocurrency Fraud in Andhra Pradesh
According to a November 4 report from the Deccan Chronicle, Indian police are handling a case affecting 320 residents in the state of Andhra Pradesh. Allegedly orchestrated by a single individual, Ramanjaneyulu, the scam caused total losses of at least 23 million rupees (approximately $2.73 million). However, some estimates suggest the actual amount may be even higher.
Promises of Fixed Returns and Credibility Through Major Exchanges
Ramanjaneyulu reportedly attracted investors by guaranteeing 10% monthly returns on each investment of one lakh rupees. He bolstered the scheme’s credibility by claiming to use prominent cryptocurrency exchanges such as Binance and OKX.
Wide-Ranging Impact Across Various Social Strata
Operating since 2021, the scam impacted a broad demographic, including entrepreneurs, politicians, government employees, traders, and other officials. Some investors even took loans to participate, only to suffer severe losses.
India as a Hub for Cryptocurrency-Related Scams
Due to the high interest in #Cryptocurrencies among locals, India has become a frequent target for scammers. According to the global cryptocurrency adoption index by Chainalysis, India is among the top-ranking countries in this area. However, this widespread adoption has also led to an increase in scams.
Rise of Crypto Scams in India
Between October 2023 and March 2024, Indian citizens reportedly lost around 500 crore INR (about $60 million) due to cryptocurrency scams. Last month, Indian authorities launched an investigation into another trading app that promised returns of up to 50% but ultimately deceived at least 700 victims out of more than $119,000. The platform, with ties to Hong Kong, was abruptly shut down.
Further Crackdown on a Fake Crypto Platform in August
In August, police arrested four operators of another fraudulent cryptocurrency platform. This platform also offered investment opportunities but was shut down after police intervention.
#Cryptoscam , #india_crypto , #bitcoin☀️ , #scamalert
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Hack of Wiz Khalifa’s Account Used to Promote Fake Memecoins
Reports indicate that the popular rapper Wiz Khalifa’s X account was hacked on November 3, with the account misused to promote a fraudulent memecoin called "WIZ." This token is currently trading for under $10,000.
Fraudulent Posts Target Crypto Fans
After the account hack, a post appeared suggesting that Wiz Khalifa had "worked with his team to launch $WIZ for all crypto fans." The post encouraged Khalifa’s 35.7 million followers to invest in the token.
WIZ Value Plummets Following a Brief Surge
The WIZ memecoin launched via the Solana platform pump.fun, initially reaching a market cap of $3.4 million within the first 15 minutes. Shortly after, however, its value plummeted as early holders sold off their tokens in large amounts, bringing WIZ down to under $28,000. According to DEX Screener, the token is currently valued around $8,400.
Profits from Token Manipulation
Data from Solscan reveals that the two largest holders bought over 155 million WIZ tokens at launch for approximately $19,100 and later sold them for a combined profit of $160,000.
Suspected Link to Another Hacking Incident
The hacker’s exact identity and how they accessed Khalifa’s account remain unknown. However, blockchain detective ZachXBT noted that this hacker is likely the same individual who compromised Truth Terminal developer Andy Ayrey’s account on October 29. Zach warned on November 3 in his public Telegram group, “Do not buy Wiz Khalifa’s Pump Fun token; it’s the same hacker who recently compromised Andy Ayrey.”
Repeated Account Hacking Pattern
The hack of Ayrey’s account followed a similar strategy—using the account to promote fraudulent memecoins, yielding over $1.5 million in illicit gains.
Significant Drop in Other Memecoins
Truth Terminal, which employs an AI bot, was responsible for inflating the value of the memecoin Goatseus Maximus (GOAT) to a peak of $940 million. However, GOAT’s market cap has since fallen by 39%, currently at $544 million since October 24.
What’s Your Take on Social Media Security?
Do you think stricter security measures should be implemented? We’d love to hear your thoughts in the comments!
#Cryptoscam , #CryptoNews🚀🔥 , #cybersecurity , #Memecoins🤑🤑 , #memecoinalert
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Fraudulent Posts Target Crypto Fans
After the account hack, a post appeared suggesting that Wiz Khalifa had "worked with his team to launch $WIZ for all crypto fans." The post encouraged Khalifa’s 35.7 million followers to invest in the token.
WIZ Value Plummets Following a Brief Surge
The WIZ memecoin launched via the Solana platform pump.fun, initially reaching a market cap of $3.4 million within the first 15 minutes. Shortly after, however, its value plummeted as early holders sold off their tokens in large amounts, bringing WIZ down to under $28,000. According to DEX Screener, the token is currently valued around $8,400.
Profits from Token Manipulation
Data from Solscan reveals that the two largest holders bought over 155 million WIZ tokens at launch for approximately $19,100 and later sold them for a combined profit of $160,000.
Suspected Link to Another Hacking Incident
The hacker’s exact identity and how they accessed Khalifa’s account remain unknown. However, blockchain detective ZachXBT noted that this hacker is likely the same individual who compromised Truth Terminal developer Andy Ayrey’s account on October 29. Zach warned on November 3 in his public Telegram group, “Do not buy Wiz Khalifa’s Pump Fun token; it’s the same hacker who recently compromised Andy Ayrey.”
Repeated Account Hacking Pattern
The hack of Ayrey’s account followed a similar strategy—using the account to promote fraudulent memecoins, yielding over $1.5 million in illicit gains.
Significant Drop in Other Memecoins
Truth Terminal, which employs an AI bot, was responsible for inflating the value of the memecoin Goatseus Maximus (GOAT) to a peak of $940 million. However, GOAT’s market cap has since fallen by 39%, currently at $544 million since October 24.
What’s Your Take on Social Media Security?
Do you think stricter security measures should be implemented? We’d love to hear your thoughts in the comments!
#Cryptoscam , #CryptoNews🚀🔥 , #cybersecurity , #Memecoins🤑🤑 , #memecoinalert
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Radiant Capital Faces “Expensive Lesson” After $58 Million Hack
Radiant Capital Restores Ethereum Lending After Security Upgrades
Radiant Capital has resumed its Ethereum lending after a hack that resulted in the loss of $58 million in digital assets. On November 1, the company announced several security upgrades, including transferring ownership to a time-lock contract that requires a 72-hour waiting period for modifications, strengthening security.
Emergency Management and Safer Multi-Signature Wallets
Radiant Capital also introduced an emergency manager role with the ability to suspend or resume markets as needed. Additionally, the decentralized autonomous organization (DAO) updated the security of multi-signature wallets, now requiring four out of seven signatures to approve transactions. This setup enhances security by eliminating single-point-of-failure risks.
Costly Lesson for DeFi Following Loss of Millions
These upgrades followed an attack that led to the loss of $58 million in digital assets. Radiant Capital temporarily suspended its lending on October 16 after a cyber attack on the BNB and arbitration chain. Hackers gained access to private keys and smart contracts of several key signatories, draining over $50 million.
Attackers Exploited Developers' Devices Using Malware
On October 18, Radiant Capital confirmed that the devices of three main developers had been compromised by malware, which manipulated transactions. The front-end of the wallets displayed legitimate transactions while malicious transactions were executed in the background.
“A $50 Million Lesson” for the DeFi World
Security expert Patrick Collins called the incident a “$50 million lesson” for the world of decentralized finance (DeFi). According to Collins, there is a need for better education on secure transaction verification, especially with hardware wallets.
Hackers Have Already Moved Most of the Stolen Funds
Radiant Capital lost nearly $52 million, which attackers have already moved from the blockchain, as reported by security firm PeckShield on October 24. Phishing attacks have led to significant losses, as seen in the August 21 case where attackers gained access to $55 million in stablecoins.
Need for Better Transaction Security in the Crypto Space
Due to such incidents, Ledger CEO Pascal Gauthier highlighted the need for clear transaction signing. He emphasized that the industry should focus on safer and more transparent transaction verification.
#Digitalasset , #Cryptoscam , #CryptoHack , #cybersecurity , #CryptoSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Radiant Capital has resumed its Ethereum lending after a hack that resulted in the loss of $58 million in digital assets. On November 1, the company announced several security upgrades, including transferring ownership to a time-lock contract that requires a 72-hour waiting period for modifications, strengthening security.
Emergency Management and Safer Multi-Signature Wallets
Radiant Capital also introduced an emergency manager role with the ability to suspend or resume markets as needed. Additionally, the decentralized autonomous organization (DAO) updated the security of multi-signature wallets, now requiring four out of seven signatures to approve transactions. This setup enhances security by eliminating single-point-of-failure risks.
Costly Lesson for DeFi Following Loss of Millions
These upgrades followed an attack that led to the loss of $58 million in digital assets. Radiant Capital temporarily suspended its lending on October 16 after a cyber attack on the BNB and arbitration chain. Hackers gained access to private keys and smart contracts of several key signatories, draining over $50 million.
Attackers Exploited Developers' Devices Using Malware
On October 18, Radiant Capital confirmed that the devices of three main developers had been compromised by malware, which manipulated transactions. The front-end of the wallets displayed legitimate transactions while malicious transactions were executed in the background.
“A $50 Million Lesson” for the DeFi World
Security expert Patrick Collins called the incident a “$50 million lesson” for the world of decentralized finance (DeFi). According to Collins, there is a need for better education on secure transaction verification, especially with hardware wallets.
Hackers Have Already Moved Most of the Stolen Funds
Radiant Capital lost nearly $52 million, which attackers have already moved from the blockchain, as reported by security firm PeckShield on October 24. Phishing attacks have led to significant losses, as seen in the August 21 case where attackers gained access to $55 million in stablecoins.
Need for Better Transaction Security in the Crypto Space
Due to such incidents, Ledger CEO Pascal Gauthier highlighted the need for clear transaction signing. He emphasized that the industry should focus on safer and more transparent transaction verification.
#Digitalasset , #Cryptoscam , #CryptoHack , #cybersecurity , #CryptoSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Crypto Scammers Hijack Truth Terminal Creator's X Account
Crypto scammers took control of the X account belonging to Truth Terminal founder Andy Ayrey, using it to promote a suspicious meme coin.
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.
Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.
Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.
#Cryptoscam , #cybersecurity , #cryptofraud , #hacking , #BlockchainSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.
Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.
Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.
#Cryptoscam , #cybersecurity , #cryptofraud , #hacking , #BlockchainSecurity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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.“
🚨🚨🚨 ATTENTION CRYPTO COMMUNITY 🚨🚨🚨
⚠️ Beware of Phantom Wallet Hacking! ⚠️
Dear Fellow Crypto Enthusiasts,
I've recently suffered a heartbreaking wallet hack, losing $1000 and valuable NFTs. My aim is to share my story to shield others from similar scams.
Here are the grim details:
- Wallet Name: ⚠️ Phantom Wallet
- Lost Balance: $1000
- Staked Accounts: Kamino, Drift, MarginFi Protocol, Meteora
- NFTs Minted: Over 500 from Magic Eden
- Recognition: Pro NFT Minter on Solscan
What went down:
My wallet fell victim to ruthless hackers.
They wiped out my hard-earned assets with no mercy.
Despite my efforts, I couldn’t recover a single cent.
The hackers exploited vulnerabilities, leaving me stranded.
Key Takeaways: @Binance Risk Sniper
🔒 Prioritize Security:
Opt for hardware wallets or secure software wallets.
Activate two-factor authentication (2FA) wherever possible.
Keep your wallet software up to date.
🔍 Do Your Research:
Thoroughly vet projects before staking or minting NFTs.
Look for audits, community reviews, and transparent developers.
Steer clear of projects with dubious or anonymous teams.
📈 Diversify Your Holdings:
Spread your investments across different assets and projects.
Don’t risk everything in one place to mitigate potential losses.
👥 Stay Vigilant as a Community:
Share your stories and warnings with others.
Report any suspicious wallets or projects.
Together, we can safeguard the crypto realm.
Action Plan:
Spread the word to raise awareness.
Educate fellow enthusiasts on security practices.
Stay sharp and informed.
Remember, the crypto world is thrilling but perilous. Let's stand together and keep our community safe.
#ScamRiskWarning #BTC #Megadrop #Cryptoscam #bitcoinhalving
⚠️ Beware of Phantom Wallet Hacking! ⚠️
Dear Fellow Crypto Enthusiasts,
I've recently suffered a heartbreaking wallet hack, losing $1000 and valuable NFTs. My aim is to share my story to shield others from similar scams.
Here are the grim details:
- Wallet Name: ⚠️ Phantom Wallet
- Lost Balance: $1000
- Staked Accounts: Kamino, Drift, MarginFi Protocol, Meteora
- NFTs Minted: Over 500 from Magic Eden
- Recognition: Pro NFT Minter on Solscan
What went down:
My wallet fell victim to ruthless hackers.
They wiped out my hard-earned assets with no mercy.
Despite my efforts, I couldn’t recover a single cent.
The hackers exploited vulnerabilities, leaving me stranded.
Key Takeaways: @Binance Risk Sniper
🔒 Prioritize Security:
Opt for hardware wallets or secure software wallets.
Activate two-factor authentication (2FA) wherever possible.
Keep your wallet software up to date.
🔍 Do Your Research:
Thoroughly vet projects before staking or minting NFTs.
Look for audits, community reviews, and transparent developers.
Steer clear of projects with dubious or anonymous teams.
📈 Diversify Your Holdings:
Spread your investments across different assets and projects.
Don’t risk everything in one place to mitigate potential losses.
👥 Stay Vigilant as a Community:
Share your stories and warnings with others.
Report any suspicious wallets or projects.
Together, we can safeguard the crypto realm.
Action Plan:
Spread the word to raise awareness.
Educate fellow enthusiasts on security practices.
Stay sharp and informed.
Remember, the crypto world is thrilling but perilous. Let's stand together and keep our community safe.
#ScamRiskWarning #BTC #Megadrop #Cryptoscam #bitcoinhalving
Urgent SHIB Scam Alert! 🚨
Hey Shiba Inu community! Our beloved SHIB has one of the largest followings in the crypto world. Sadly, this makes us a prime target for scammers. Recently, our marketing lead, LUCIE, issued a critical warning: beware of fake tokens circulating in the market!
Scammers recently tried to launch a fake token called treatsforShib. Remember, this token does NOT exist. These fraudsters are imitating our projects, creating fake social media profiles, and setting up bogus Telegram groups to lure you into buying counterfeit tokens. Once they scam enough people, they vanish.
To protect yourself:
- Always verify official announcements through our trusted sources and official channels.
- Double-check token contracts on reputable platforms like Binance or CoinMarketCap.
- Never share your private keys or personal information with anyone.
Stay sharp, SHIB Army! Let's safeguard our community from these scams. Report any suspicious activity immediately. Together, we can keep SHIB safe and thriving!
Join the conversation and stay updated with the latest alerts. Follow for more: @stateoftrade. Hashtags: #shiba⚡ #Cryptoscam #Shibainuholder #CryptoAlert #CryptoSafety #Binance #CryptoCommunity #StaySafe
Hey Shiba Inu community! Our beloved SHIB has one of the largest followings in the crypto world. Sadly, this makes us a prime target for scammers. Recently, our marketing lead, LUCIE, issued a critical warning: beware of fake tokens circulating in the market!
Scammers recently tried to launch a fake token called treatsforShib. Remember, this token does NOT exist. These fraudsters are imitating our projects, creating fake social media profiles, and setting up bogus Telegram groups to lure you into buying counterfeit tokens. Once they scam enough people, they vanish.
To protect yourself:
- Always verify official announcements through our trusted sources and official channels.
- Double-check token contracts on reputable platforms like Binance or CoinMarketCap.
- Never share your private keys or personal information with anyone.
Stay sharp, SHIB Army! Let's safeguard our community from these scams. Report any suspicious activity immediately. Together, we can keep SHIB safe and thriving!
Join the conversation and stay updated with the latest alerts. Follow for more: @stateoftrade. Hashtags: #shiba⚡ #Cryptoscam #Shibainuholder #CryptoAlert #CryptoSafety #Binance #CryptoCommunity #StaySafe
💻🚨 Crypto Heists Soar: $2 Billion Stolen in 2023 Revealed in De.FI Report
In a shocking revelation, a 2023 report by De.FI, the cybersecurity firm overseeing the REKT database, has unveiled that cybercriminals successfully pilfered approximately $2 billion in cryptocurrencies through a series of sophisticated cyberattacks.
🔐 Insights from the Report:
The report underscores the existing vulnerabilities within the cryptocurrency space and the ongoing efforts to mitigate these risks. Despite a relatively muted interest in the DeFi (Decentralized Finance) ecosystem, the year 2023 served as a testament to the persistent challenges. The stolen amount, distributed across various incidents, highlights the need for continued vigilance.
💡 Key Highlights:
The $2 billion stolen in 2023, though a decrease from the 2022 record of $3.8 billion, emphasizes the ongoing vulnerabilities and challenges within the DeFi ecosystem.The report notes that 2023 showcased both the vulnerabilities and the strides made in addressing them. These efforts persisted despite a less active interest in the space, influenced by the bear market in the first half of the year.
🛡️ Cybersecurity Landscape:
As cryptocurrency continues to gain traction, cybersecurity remains a paramount concern. The report signals a call to action for the industry to bolster security measures and collaborate on proactive solutions to safeguard the digital assets of users.
🌐 Global Implications:
The global implications of such cyber threats extend beyond individual incidents. It underscores the need for a collective and robust cybersecurity infrastructure to protect the burgeoning crypto landscape.
🚀 Stay Informed, Stay Secure: Follow The Blockopedia for Crypto Updates!
#Cryptoscam #CryptoScamAlert #crypto #cryptocurrency #crypto2023
In a shocking revelation, a 2023 report by De.FI, the cybersecurity firm overseeing the REKT database, has unveiled that cybercriminals successfully pilfered approximately $2 billion in cryptocurrencies through a series of sophisticated cyberattacks.
🔐 Insights from the Report:
The report underscores the existing vulnerabilities within the cryptocurrency space and the ongoing efforts to mitigate these risks. Despite a relatively muted interest in the DeFi (Decentralized Finance) ecosystem, the year 2023 served as a testament to the persistent challenges. The stolen amount, distributed across various incidents, highlights the need for continued vigilance.
💡 Key Highlights:
The $2 billion stolen in 2023, though a decrease from the 2022 record of $3.8 billion, emphasizes the ongoing vulnerabilities and challenges within the DeFi ecosystem.The report notes that 2023 showcased both the vulnerabilities and the strides made in addressing them. These efforts persisted despite a less active interest in the space, influenced by the bear market in the first half of the year.
🛡️ Cybersecurity Landscape:
As cryptocurrency continues to gain traction, cybersecurity remains a paramount concern. The report signals a call to action for the industry to bolster security measures and collaborate on proactive solutions to safeguard the digital assets of users.
🌐 Global Implications:
The global implications of such cyber threats extend beyond individual incidents. It underscores the need for a collective and robust cybersecurity infrastructure to protect the burgeoning crypto landscape.
🚀 Stay Informed, Stay Secure: Follow The Blockopedia for Crypto Updates!
#Cryptoscam #CryptoScamAlert #crypto #cryptocurrency #crypto2023
KyberSwap DEX Hacked for $48 Million, Attacker Teases Negotiations
The decentralized exchange had over $80 million in total value locked before the incident.
Decentralized exchange (DEX) KyberSwap has been attacked for nearly $50 million, and administrators are advising users to withdraw all funds as a precautionary measure as the exploiter says negotiations will soon commence.
On-chain data shows that the attacker is stealing funds mostly in Ether, wrapped ether (wETH) and USDC. The attacker has also hit multiple cross-chain deployments of KyberSwap, taking over $20 million on Arbitrum, $15 million from Optimism and $7 million from Ethereum.
On-chain sleuths have ruled out this being related to a bug in the DEX's approval authorization code, and suggest that the theft is a directed attack against the liquidity provider pools themselves.
The attacker has teased that "negotiations will start in a few hours when I am fully rested." The attacker also asked, "how is Ontario this time of year".
Hackers teasing their victims via signing transactions with strings of text is an increasingly common trend with decentralized finance exploits.
The DEX currently has $22.23 million in total value locked (TVL) according to DeFiLlama, down from approximately $80 million before the attack.
#KyberSwap #DEX #Cryptoscam #hack
$BTC $ETH $ARB
The decentralized exchange had over $80 million in total value locked before the incident.
Decentralized exchange (DEX) KyberSwap has been attacked for nearly $50 million, and administrators are advising users to withdraw all funds as a precautionary measure as the exploiter says negotiations will soon commence.
On-chain data shows that the attacker is stealing funds mostly in Ether, wrapped ether (wETH) and USDC. The attacker has also hit multiple cross-chain deployments of KyberSwap, taking over $20 million on Arbitrum, $15 million from Optimism and $7 million from Ethereum.
On-chain sleuths have ruled out this being related to a bug in the DEX's approval authorization code, and suggest that the theft is a directed attack against the liquidity provider pools themselves.
The attacker has teased that "negotiations will start in a few hours when I am fully rested." The attacker also asked, "how is Ontario this time of year".
Hackers teasing their victims via signing transactions with strings of text is an increasingly common trend with decentralized finance exploits.
The DEX currently has $22.23 million in total value locked (TVL) according to DeFiLlama, down from approximately $80 million before the attack.
#KyberSwap #DEX #Cryptoscam #hack
$BTC $ETH $ARB
👉👉👉 Inferno Drainer #Cryptoscam still a threat despite previous shut down: Report
In a recent report, Singaporean #CyberSecurity firm Group-IB has shed light on the persistent threat posed by the 'scam-as-a-service' known as Inferno Drainer within the #cryptocurrency realm. The study reveals that since late March 2023, Inferno Drainer, utilizing 16,000 domains for phishing attacks, successfully pilfered $80 million from crypto users. Despite its shutdown in November 2023, the report titled 'Burnout: Inferno Drainer’s multimillion-dollar scam scheme detailed' underscores that the menace still hangs over the crypto market.
Inferno Drainer emerged on the scene in November 2022, rapidly evolving into one of the most adept crypto drainers within a year. Functioning as a 'drainer,' this service specialized in stealing cryptocurrencies through various deceptive methods, primarily focusing on phishing attacks.
The closure of Inferno Drainer in November 2023, announced by its developers, did not entirely eliminate the threat, as former users could have transitioned to alternative schemes. Group-IB analysts caution that there remains a risk that Inferno Drainer has not been completely eradicated.
The report highlights the extensive phishing operation involving 16,000 unique domains, mimicking over 100 crypto brands. Cybercriminals skillfully impersonated popular crypto entities and Web3 protocols like Seaport, WalletConnect, and Coinbase, luring victims to phishing sites. These fraudulent platforms initiated unauthorized transactions by duping users into connecting their accounts, promising financial rewards.
The report reveals Inferno Drainer's sophisticated operation crafting fake crypto project websites on platforms like X and Discord. Despite its halt, Group-IB warns of evolving cyber threats in the crypto space, calling for increased vigilance and enhanced security measures.
Source - cryptobriefing.com
#CryptoNews #BinanceSquare
In a recent report, Singaporean #CyberSecurity firm Group-IB has shed light on the persistent threat posed by the 'scam-as-a-service' known as Inferno Drainer within the #cryptocurrency realm. The study reveals that since late March 2023, Inferno Drainer, utilizing 16,000 domains for phishing attacks, successfully pilfered $80 million from crypto users. Despite its shutdown in November 2023, the report titled 'Burnout: Inferno Drainer’s multimillion-dollar scam scheme detailed' underscores that the menace still hangs over the crypto market.
Inferno Drainer emerged on the scene in November 2022, rapidly evolving into one of the most adept crypto drainers within a year. Functioning as a 'drainer,' this service specialized in stealing cryptocurrencies through various deceptive methods, primarily focusing on phishing attacks.
The closure of Inferno Drainer in November 2023, announced by its developers, did not entirely eliminate the threat, as former users could have transitioned to alternative schemes. Group-IB analysts caution that there remains a risk that Inferno Drainer has not been completely eradicated.
The report highlights the extensive phishing operation involving 16,000 unique domains, mimicking over 100 crypto brands. Cybercriminals skillfully impersonated popular crypto entities and Web3 protocols like Seaport, WalletConnect, and Coinbase, luring victims to phishing sites. These fraudulent platforms initiated unauthorized transactions by duping users into connecting their accounts, promising financial rewards.
The report reveals Inferno Drainer's sophisticated operation crafting fake crypto project websites on platforms like X and Discord. Despite its halt, Group-IB warns of evolving cyber threats in the crypto space, calling for increased vigilance and enhanced security measures.
Source - cryptobriefing.com
#CryptoNews #BinanceSquare
💰 $10M in crypto stolen after violent Richmond home invasion; suspect facing 11 charges
🔍 Breaking News: Richmond RCMP Announces Major
Breakthrough in Cryptocurrency Heist Case
In a shocking turn of events, Richmond, B.C. police have unveiled the outcome of a year-long investigation into a violent home invasion in September 2022. Thieves, impersonating police officers, subjected a middle-aged couple to a harrowing ordeal, resulting in the theft of $10 million in cryptocurrency and luxury goods.
🚨 Key Details:
The assailants, armed and posing as law enforcement, broke into the victims' home, assaulting and confining the couple for hours.
The stolen loot amounted to $10 million in unspecified cryptocurrency and high-end items, leaving the victims traumatized but with non-life-threatening injuries.
A comprehensive investigation by Richmond RCMP's Serious Crimes Unit and Economic Crime Unit spanned over a year, culminating in the arrest of a 34-year-old suspect, Jin Da Xing.
👮 Charges Filed Against Suspect:
Jin Da Xing, a Richmond resident, is now facing a battery of charges approved by the BC Prosecution Service.
Charges include break and enter, robbery with a weapon, unlawful confinement, assault with a weapon, use of an imitation firearm, extortion, possession of stolen property, and impersonating a peace officer.
⚖️ Legal Proceedings:
Xing is currently in custody, awaiting trial for the 11 serious charges.His next court appearance is scheduled for December 6 in Richmond provincial court.
🔒 Stay Vigilant, Stay Safe:
Such incidents underscore the need for heightened security in the crypto community. Stay informed and take measures to protect your assets.
🌐 For ongoing updates on crypto security and the latest developments, follow The Blockopedia. Your Source for Crypto Insights.
#Cryptoscam #cbdc #crypto #cryptocurrency #crypto2023A
🔍 Breaking News: Richmond RCMP Announces Major
Breakthrough in Cryptocurrency Heist Case
In a shocking turn of events, Richmond, B.C. police have unveiled the outcome of a year-long investigation into a violent home invasion in September 2022. Thieves, impersonating police officers, subjected a middle-aged couple to a harrowing ordeal, resulting in the theft of $10 million in cryptocurrency and luxury goods.
🚨 Key Details:
The assailants, armed and posing as law enforcement, broke into the victims' home, assaulting and confining the couple for hours.
The stolen loot amounted to $10 million in unspecified cryptocurrency and high-end items, leaving the victims traumatized but with non-life-threatening injuries.
A comprehensive investigation by Richmond RCMP's Serious Crimes Unit and Economic Crime Unit spanned over a year, culminating in the arrest of a 34-year-old suspect, Jin Da Xing.
👮 Charges Filed Against Suspect:
Jin Da Xing, a Richmond resident, is now facing a battery of charges approved by the BC Prosecution Service.
Charges include break and enter, robbery with a weapon, unlawful confinement, assault with a weapon, use of an imitation firearm, extortion, possession of stolen property, and impersonating a peace officer.
⚖️ Legal Proceedings:
Xing is currently in custody, awaiting trial for the 11 serious charges.His next court appearance is scheduled for December 6 in Richmond provincial court.
🔒 Stay Vigilant, Stay Safe:
Such incidents underscore the need for heightened security in the crypto community. Stay informed and take measures to protect your assets.
🌐 For ongoing updates on crypto security and the latest developments, follow The Blockopedia. Your Source for Crypto Insights.
#Cryptoscam #cbdc #crypto #cryptocurrency #crypto2023A
The U.S. Department of Justice (DOJ) has seized Tether (USDT) worth $9 million associated with pig butchering crypto scams.
#TetherUpdate #Cryptoscam #Cryptonews230 #CryptoNews🔒📰🚫
#TetherUpdate #Cryptoscam #Cryptonews230 #CryptoNews🔒📰🚫
"Shocking Crypto Scam - Are You at Risk?"
The Ripple CTO David Schwartz has warned investors about an ongoing scam targeting users of the defunct crypto trading platform FTX.
Read more on: https://thecryptobasic.com/2024/03/22/ripple-cto-issues-crucial-warning-about-an-ongoing-scam/
#Cryptoscam #Crypto #TrendingTopic." #CryptoNews🚀🔥 #CryptoNewssCommunity
Read more on: https://thecryptobasic.com/2024/03/22/ripple-cto-issues-crucial-warning-about-an-ongoing-scam/
#Cryptoscam #Crypto #TrendingTopic." #CryptoNews🚀🔥 #CryptoNewssCommunity
Crypto Conviction: A Thief, a Hack, and a Milestone for Justice
The cryptocurrency world is abuzz with the recent sentencing of Shakeeb Ahmed, a former security engineer turned cybercriminal. Ahmed's story is a cautionary tale, highlighting both the vulnerabilities of decentralized exchanges and a potential turning point in how authorities handle crypto-related crimes.
Ahmed's crime involved hacking into decentralized exchanges (DEXes) by manipulating smart contracts – the self-executing code that governs transactions on these platforms. Through this manipulation, he reportedly siphoned over $12 million in crypto.
This hack exposed significant security flaws within DEXes, raising concerns about the stability of the entire cryptocurrency market. The incident also serves as a stark reminder of the evolving tactics cybercriminals employ to exploit these systems.
What makes this case unique is that it represents the first successful prosecution for hacking a smart contract. This sets a legal precedent for how similar crimes will be handled in the future. It's a crucial step forward in establishing a legal framework for the complexities of the digital age.
However, the impact extends beyond legalities. Rebuilding investor confidence in the security of DEXes is an ongoing challenge. Ahmed's actions may have long-lasting consequences for the crypto market's overall stability.
The story doesn't end there. This case underscores the urgent need for DEXes to bolster their security measures. Implementing stricter protocols and frequent system updates are vital to staying ahead of hackers' ever-changing strategies.
The onus also falls on the crypto community to advocate for stronger security practices within the industry. Collaboration is key in safeguarding this rapidly evolving technological landscape.
Ahmed's conviction may not be a silver bullet, but it's a significant step in the right direction. It demonstrates that the legal system is slowly adapting to address the challenges of cryptocurrency fraud. Let's hope this is just the first of many cases that pave the way for a more secure and stable crypto future.
#Cryptoscam #CryptocurrencyAlert
Ahmed's crime involved hacking into decentralized exchanges (DEXes) by manipulating smart contracts – the self-executing code that governs transactions on these platforms. Through this manipulation, he reportedly siphoned over $12 million in crypto.
This hack exposed significant security flaws within DEXes, raising concerns about the stability of the entire cryptocurrency market. The incident also serves as a stark reminder of the evolving tactics cybercriminals employ to exploit these systems.
What makes this case unique is that it represents the first successful prosecution for hacking a smart contract. This sets a legal precedent for how similar crimes will be handled in the future. It's a crucial step forward in establishing a legal framework for the complexities of the digital age.
However, the impact extends beyond legalities. Rebuilding investor confidence in the security of DEXes is an ongoing challenge. Ahmed's actions may have long-lasting consequences for the crypto market's overall stability.
The story doesn't end there. This case underscores the urgent need for DEXes to bolster their security measures. Implementing stricter protocols and frequent system updates are vital to staying ahead of hackers' ever-changing strategies.
The onus also falls on the crypto community to advocate for stronger security practices within the industry. Collaboration is key in safeguarding this rapidly evolving technological landscape.
Ahmed's conviction may not be a silver bullet, but it's a significant step in the right direction. It demonstrates that the legal system is slowly adapting to address the challenges of cryptocurrency fraud. Let's hope this is just the first of many cases that pave the way for a more secure and stable crypto future.
#Cryptoscam #CryptocurrencyAlert
💸 Crypto Security Alert: November Records $343M in Losses, Primarily from CeFi Platforms
In a concerning trend, November 2023 has become the costliest month for the crypto sphere, witnessing losses exceeding $343 million due to hacks and fraud, as per Immunefi's latest report.
🌐 Key Highlights:
🔐 Record Losses: November's losses are over 15 times higher than October, totaling $343 million. Year-to-date, the crypto space has suffered a staggering $1.75 billion across 296 incidents.
💼 CeFi Takes the Hit: Centralized finance (CeFi) platforms bear the brunt, constituting over 53% of total losses, equating to $184 million. This shift marks a departure from the dominance of decentralized finance (DeFi) in previous months.
🔄 CeFi vs. DeFi: Unlike Q3, where DeFi took the lead, November saw CeFi platforms becoming the primary targets, overtaking DeFi by total funds lost. High-profile attacks on platforms like Poloniex, HTX, and Kronos Research played a significant role.
🔒 Hacks vs. Fraud: Hacking incidents dominated, resulting in losses exceeding $335 million across 18 incidents. Fraud incidents, though fewer in number (23 incidents), still led to losses totaling nearly $7.5 million.
🎯 Most Targeted Chains: BNB Chain and Ethereum faced the brunt, accounting for 83% of the total losses. BNB Chain, with 22 incidents, represented 53.7% of the losses, while Ethereum witnessed 12 attacks, making up 29.3% of exploited funds.
🚀 Immunefi's Impact: As a vulnerability reporting platform, Immunefi has paid out over $85 million in bounties to date and saved more than $25 billion in user funds across various protocols.
📈 For comprehensive insights into the crypto landscape, trust The Blockopedia. Secure the Future of Finance! 🌐
#Cryptoscam #hack #crypto #cryptocurrency #crypto2023
In a concerning trend, November 2023 has become the costliest month for the crypto sphere, witnessing losses exceeding $343 million due to hacks and fraud, as per Immunefi's latest report.
🌐 Key Highlights:
🔐 Record Losses: November's losses are over 15 times higher than October, totaling $343 million. Year-to-date, the crypto space has suffered a staggering $1.75 billion across 296 incidents.
💼 CeFi Takes the Hit: Centralized finance (CeFi) platforms bear the brunt, constituting over 53% of total losses, equating to $184 million. This shift marks a departure from the dominance of decentralized finance (DeFi) in previous months.
🔄 CeFi vs. DeFi: Unlike Q3, where DeFi took the lead, November saw CeFi platforms becoming the primary targets, overtaking DeFi by total funds lost. High-profile attacks on platforms like Poloniex, HTX, and Kronos Research played a significant role.
🔒 Hacks vs. Fraud: Hacking incidents dominated, resulting in losses exceeding $335 million across 18 incidents. Fraud incidents, though fewer in number (23 incidents), still led to losses totaling nearly $7.5 million.
🎯 Most Targeted Chains: BNB Chain and Ethereum faced the brunt, accounting for 83% of the total losses. BNB Chain, with 22 incidents, represented 53.7% of the losses, while Ethereum witnessed 12 attacks, making up 29.3% of exploited funds.
🚀 Immunefi's Impact: As a vulnerability reporting platform, Immunefi has paid out over $85 million in bounties to date and saved more than $25 billion in user funds across various protocols.
📈 For comprehensive insights into the crypto landscape, trust The Blockopedia. Secure the Future of Finance! 🌐
#Cryptoscam #hack #crypto #cryptocurrency #crypto2023
🚨 Top Crypto Platforms Face Major Exploits in November! 🚨
1. KyberSwap Loses $47M: Flash Loans and Rounding Issues Unveiled
In a startling turn of events, Kyber Network's KyberSwap suffered a $47 million loss. Preliminary investigations suggest a sophisticated attack involving flash loans and potential rounding issues.
Notably, the attacker seemed focused on depleting liquidity pool reserves. While user funds appear safe, Kyber liquidity providers recommend a swift withdrawal of staked assets. Stay informed, stay secure! 💼🔐
2. Justin Sun’s HTX Exchange and HECO Chain: $13.6M Loss Raises Skepticism
HTX (formerly Huobi Global) faced a massive $13.6 million exploit targeting the HECO Chain bridge. Cybersecurity firm Cyvers reported unauthorized conversions of assets into ETH, affecting user and exchange funds.
Skepticism abounds on Crypto Twitter, with some suggesting an exit scam by Justin Sun. HTX assures compensation, but the community remains vigilant. 🕵️♂️💸
🔗 For the latest updates in the crypto market, follow The Blockopedia! 🌐✨
These incidents underscore the importance of staying vigilant in the dynamic crypto landscape. Let's navigate these challenges together and keep the community informed. 🚀
#CryptoNews🔒📰🚫 #Cryptoscam #crypto #cryptocurrency #crypto2023A
1. KyberSwap Loses $47M: Flash Loans and Rounding Issues Unveiled
In a startling turn of events, Kyber Network's KyberSwap suffered a $47 million loss. Preliminary investigations suggest a sophisticated attack involving flash loans and potential rounding issues.
Notably, the attacker seemed focused on depleting liquidity pool reserves. While user funds appear safe, Kyber liquidity providers recommend a swift withdrawal of staked assets. Stay informed, stay secure! 💼🔐
2. Justin Sun’s HTX Exchange and HECO Chain: $13.6M Loss Raises Skepticism
HTX (formerly Huobi Global) faced a massive $13.6 million exploit targeting the HECO Chain bridge. Cybersecurity firm Cyvers reported unauthorized conversions of assets into ETH, affecting user and exchange funds.
Skepticism abounds on Crypto Twitter, with some suggesting an exit scam by Justin Sun. HTX assures compensation, but the community remains vigilant. 🕵️♂️💸
🔗 For the latest updates in the crypto market, follow The Blockopedia! 🌐✨
These incidents underscore the importance of staying vigilant in the dynamic crypto landscape. Let's navigate these challenges together and keep the community informed. 🚀
#CryptoNews🔒📰🚫 #Cryptoscam #crypto #cryptocurrency #crypto2023A
🌐Recovery of $5.7M from Bots, Return Stolen Crypto Back to Kyberswap Deployers
🔒 Securing the Future: KyberSwap Elastic's Triumph Over Adversity
In a recent update, KyberSwap Elastic, a crucial project within the Kyber network, has successfully reclaimed approximately $5.7 million in stolen cryptocurrency, marking a significant victory in its recovery journey. This achievement underscores KyberSwap Elastic’s unwavering commitment to user security and its ability to overcome digital challenges.
🛡️ Details of the Recovery:
Blockchain security firm PeckShield reported the return of about 361,876 USDC.e, a digital currency, to KyberSwap on the Avalanche blockchain. Notably, this recovery is linked to one of the individuals involved in the recent security breach. Moreover, the KyberSwap team engaged in negotiations with operators of front-run bots, automated trading programs, resulting in the return of nearly $4.67 million to KyberSwap’s digital wallet on the Polygon blockchain.
💻 Understanding the Hack:
On November 23, KyberSwap Elastic faced a sophisticated digital attack where hackers manipulated the platform’s smart contracts, leading to the unlawful withdrawal of user funds totaling around $54.7 million.
🔐 Ongoing Security Measures:
KyberSwap is actively pursuing the recovery of additional stolen funds, implementing robust security measures. These include internal checks, audits conducted by renowned security firms, and community-driven security reviews. The objective is not only to recover the funds but also to fortify the platform against potential future attacks.
🚀 KyberSwap remains committed to providing a secure and resilient environment for its users, reflecting a dedication to the future of decentralized finance. Stay tuned for more updates!
🌐 For the latest in crypto security and industry news, follow The Blockopedia. Your source for staying ahead in the dynamic world of blockchain!
#hackers #Cryptoscam #crypto #cryptocurrency #crypto2023
🔒 Securing the Future: KyberSwap Elastic's Triumph Over Adversity
In a recent update, KyberSwap Elastic, a crucial project within the Kyber network, has successfully reclaimed approximately $5.7 million in stolen cryptocurrency, marking a significant victory in its recovery journey. This achievement underscores KyberSwap Elastic’s unwavering commitment to user security and its ability to overcome digital challenges.
🛡️ Details of the Recovery:
Blockchain security firm PeckShield reported the return of about 361,876 USDC.e, a digital currency, to KyberSwap on the Avalanche blockchain. Notably, this recovery is linked to one of the individuals involved in the recent security breach. Moreover, the KyberSwap team engaged in negotiations with operators of front-run bots, automated trading programs, resulting in the return of nearly $4.67 million to KyberSwap’s digital wallet on the Polygon blockchain.
💻 Understanding the Hack:
On November 23, KyberSwap Elastic faced a sophisticated digital attack where hackers manipulated the platform’s smart contracts, leading to the unlawful withdrawal of user funds totaling around $54.7 million.
🔐 Ongoing Security Measures:
KyberSwap is actively pursuing the recovery of additional stolen funds, implementing robust security measures. These include internal checks, audits conducted by renowned security firms, and community-driven security reviews. The objective is not only to recover the funds but also to fortify the platform against potential future attacks.
🚀 KyberSwap remains committed to providing a secure and resilient environment for its users, reflecting a dedication to the future of decentralized finance. Stay tuned for more updates!
🌐 For the latest in crypto security and industry news, follow The Blockopedia. Your source for staying ahead in the dynamic world of blockchain!
#hackers #Cryptoscam #crypto #cryptocurrency #crypto2023
Online Crypto Course Founder Scammed Students With Fake Hedge Fund, SEC Alleges
(Bloomberg) -- The founder of an online crypto trading course called the American Bitcoin Academy scammed students out of more than $1 million by persuading them to invest in a fake hedge fund, the Securities and Exchange Commission claimed Friday.
My thoughts: Don't give money to any kind of unknown course.
There's a lot of free lessons available out there. One of the best educational source for crypto is Binance Academy. where you can learn from zero to 100 for free.
#sanor016CommUNITY #Cryptoscam #binanceacademy #cryptoguide
(Bloomberg) -- The founder of an online crypto trading course called the American Bitcoin Academy scammed students out of more than $1 million by persuading them to invest in a fake hedge fund, the Securities and Exchange Commission claimed Friday.
My thoughts: Don't give money to any kind of unknown course.
There's a lot of free lessons available out there. One of the best educational source for crypto is Binance Academy. where you can learn from zero to 100 for free.
#sanor016CommUNITY #Cryptoscam #binanceacademy #cryptoguide
CryptoXhop Alert 👎Potential Scam Alert - USDzoe
Yo CryptoXhop fam,
Be cautious! Scamalert.com is warning users about a potential crypto scam involving USDzoe.com.
Here's what we know:
Details about USDzoe.com are limited, raising red flags.It's crucial to do your research before investing in any crypto platform.
Here's how to protect yourself:
Only invest on reputable and well-established crypto exchanges.Look for reviews and user experiences before committing your funds.If something seems too good to be true, it probably is.
Stay vigilant and informed!
$SOL $BNB $USDC
#Cryptoscam #scamalert #cryptoxhop #CryptoNewss #BTC☀
P.S. CryptoXhop is committed to providing you with reliable information. We'll continue to monitor the situation and update you if more details emerge.
Yo CryptoXhop fam,
Be cautious! Scamalert.com is warning users about a potential crypto scam involving USDzoe.com.
Here's what we know:
Details about USDzoe.com are limited, raising red flags.It's crucial to do your research before investing in any crypto platform.
Here's how to protect yourself:
Only invest on reputable and well-established crypto exchanges.Look for reviews and user experiences before committing your funds.If something seems too good to be true, it probably is.
Stay vigilant and informed!
$SOL $BNB $USDC
#Cryptoscam #scamalert #cryptoxhop #CryptoNewss #BTC☀
P.S. CryptoXhop is committed to providing you with reliable information. We'll continue to monitor the situation and update you if more details emerge.
Report: Crypto Dominates Financial Scams in 2023, According to Russian Central Bank
- The Bank of Russia highlights the prevalence of crypto involvement in financial scams during 2023, particularly in pyramid schemes and illegal brokerages.
- Scammers exploit platforms such as Telegram to entice investors with promises of substantial returns.
- Crypto transactions enable scammers to circumvent detection mechanisms and transfer funds internationally.
- The central bank's response involved blacklisting websites, restricting access to resources, and pursuing legal measures against perpetrators throughout the year.
The Bank of Russia has raised concerns regarding the proliferation of financial scams, particularly those involving cryptocurrencies, in its recent advisory.
Highlighting a significant surge in fraudulent activities related to crypto during 2023, the central bank emphasized that a substantial portion of pyramid schemes and illegal brokerages were linked to cryptocurrencies.
The report identified a startling 5,735 instances of illicit financial activities, marking a 15.5% increase from the previous year. Notably, almost all fraudulent schemes were found to utilize cryptocurrencies in some capacity, illustrating the pervasive nature of crypto scams.
These scams primarily operate online, luring unsuspecting investors with the promise of extravagant profits. Utilizing platforms like Telegram and leveraging the credibility of influential bloggers, scammers create an illusion of legitimacy to attract victims.
The anonymity afforded by cryptocurrencies enables perpetrators to evade regulatory scrutiny, with Bitcoin being the preferred mode of transaction for nearly 1,500 scams. Additionally, over 45% of scams advocated for the use of alternative international payment methods, further complicating regulatory efforts.
The central bank's efforts to combat these fraudulent activities involve stringent enforcement of anti-money laundering regulations within the financial sector. Collaborating with law enforcement agencies and regulatory bodies, the bank has initiated numerous administrative and criminal proceedings against perpetrators.
In a bid to protect citizens from financial exploitation, the bank urges vigilance when engaging in online investments, particularly those involving cryptocurrencies. It advises the public to exercise caution and refrain from succumbing to unrealistic promises of exorbitant returns on investment.
While striving to provide accurate and timely information, it's essential for individuals to conduct thorough research and exercise prudence when navigating the volatile landscape of cryptocurrencies.
#Cryptoscam #Russia #Crypto2024 #cryptocurrency
- Scammers exploit platforms such as Telegram to entice investors with promises of substantial returns.
- Crypto transactions enable scammers to circumvent detection mechanisms and transfer funds internationally.
- The central bank's response involved blacklisting websites, restricting access to resources, and pursuing legal measures against perpetrators throughout the year.
The Bank of Russia has raised concerns regarding the proliferation of financial scams, particularly those involving cryptocurrencies, in its recent advisory.
Highlighting a significant surge in fraudulent activities related to crypto during 2023, the central bank emphasized that a substantial portion of pyramid schemes and illegal brokerages were linked to cryptocurrencies.
The report identified a startling 5,735 instances of illicit financial activities, marking a 15.5% increase from the previous year. Notably, almost all fraudulent schemes were found to utilize cryptocurrencies in some capacity, illustrating the pervasive nature of crypto scams.
These scams primarily operate online, luring unsuspecting investors with the promise of extravagant profits. Utilizing platforms like Telegram and leveraging the credibility of influential bloggers, scammers create an illusion of legitimacy to attract victims.
The anonymity afforded by cryptocurrencies enables perpetrators to evade regulatory scrutiny, with Bitcoin being the preferred mode of transaction for nearly 1,500 scams. Additionally, over 45% of scams advocated for the use of alternative international payment methods, further complicating regulatory efforts.
The central bank's efforts to combat these fraudulent activities involve stringent enforcement of anti-money laundering regulations within the financial sector. Collaborating with law enforcement agencies and regulatory bodies, the bank has initiated numerous administrative and criminal proceedings against perpetrators.
In a bid to protect citizens from financial exploitation, the bank urges vigilance when engaging in online investments, particularly those involving cryptocurrencies. It advises the public to exercise caution and refrain from succumbing to unrealistic promises of exorbitant returns on investment.
While striving to provide accurate and timely information, it's essential for individuals to conduct thorough research and exercise prudence when navigating the volatile landscape of cryptocurrencies.
#Cryptoscam #Russia #Crypto2024 #cryptocurrency
⚠️ How to spot a #RugPull scam in crypto?
❌ Unverified project team
❌ Suspiciously high yields for staking
❌ Excessive hype on social media
❌ No liquidity locks on decentralized exchanges
If you see more than one of these in a project, run for the hills!
#Cryptoscam #scammeralert #educational #TrendingTopic
❌ Unverified project team
❌ Suspiciously high yields for staking
❌ Excessive hype on social media
❌ No liquidity locks on decentralized exchanges
If you see more than one of these in a project, run for the hills!
#Cryptoscam #scammeralert #educational #TrendingTopic