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FBI Prevents Cryptocurrency Fraud, Saves Over 4,300 Victims from Losing $285 Million
In an effort to combat the sharply increasing cryptocurrency fraud, the FBI has just launched Operation Level Up, which has saved over 4,300 victims from losses of up to $285 million. This campaign aims to mitigate damages from cryptocurrency investment scams, estimated at up to $3.9 billion just in 2023.
The Trick "Pig Butchering" and the Fraud Target
According to reports from the Internet Crime Complaint Center (IC3) of #FBI , around 3,200 complaints related to cryptocurrency investment fraud are filed each month. These scams are often negatively referred to as "pig butchering" – implying fattening the prey with promises of huge profits before suddenly seizing all assets.
The Trick "Pig Butchering" and the Fraud Target
According to reports from the Internet Crime Complaint Center (IC3) of #FBI , around 3,200 complaints related to cryptocurrency investment fraud are filed each month. These scams are often negatively referred to as "pig butchering" – implying fattening the prey with promises of huge profits before suddenly seizing all assets.
😱 A Las Vegas Man Charged for Defrauding 24 Million in Crypto Scheme 💰
A *Las Vegas resident*, *Brent Kovar*, has been *charged* by U.S. regulators for allegedly *defrauding over 400 investors* out of *24 million* through a deceptive *AI-driven cryptocurrency mining scheme*. This case is a reminder of the dark side of the crypto world and the importance of staying alert. 🧐
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*How Did It Happen? 🤔*
Kovar's company, *Profit Connect*, claimed to be a high-tech AI firm that was involved in *crypto mining* and *transaction verification*. He *lured investors* with promises of *lucrative returns*, offering *fixed annual returns of 15% to 30%* and a *100% money-back guarantee*. On top of that, he misled investors into believing that their money was *secure* and backed by the *Federal Deposit Insurance Corporation (FDIC)*. 😳
However, it turns out these promises were *false*. Kovar used the investors' funds to live an *extravagant lifestyle*, purchasing gifts for employees, buying a *house*, and *repaying investors* to keep the scheme going – all under the guise of crypto profits. 💸💎
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*Charges and Consequences 🚔*
Now, Kovar is facing *12 counts of wire fraud*, *3 counts of mail fraud*, and *3 counts of money laundering*. If convicted, he could be looking at a *maximum of 330 years in prison* and a *4.5 million fine*. 😳
This case is just one of many in a *broader crackdown* on *crypto-related Ponzi schemes*. Just recently, another promoter of a crypto Ponzi scheme, *Antonia Perez Hernandez*, was sentenced to *over two years in prison* for *conspiracy to commit wire fraud*. ⚖️
—
*A Wider Problem: Crypto Fraud 🕵️♂️*
This case is part of an ongoing effort to fight crypto fraud. The *FBI’s “Operation Level Up”* saved *285 million* in potential fraud losses between January 2024 and January 2025. 🚨 It’s clear that regulators are ramping up their efforts to hold scammers accountable and protect investors.
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*Why Is This Important? 🚨*
- *Do your research*: Before investing in any crypto opportunity, always look for *verified information* and *avoid promises of “too good to be true” returns*.
- *Understand the risks*: Crypto is volatile, and *scams are unfortunately part of the landscape*. Make sure you only invest in *reputable projects*.
- *Stay vigilant*: If something feels off, trust your instincts and *walk away*.
---
*Final Thoughts 🤯*
While crypto offers great opportunities, it’s essential to stay cautious and avoid falling for schemes like Kovar’s. Let’s learn from this case, stay informed, and keep our investments safe. 💡
$BTC
$ETH
$BNB
#CryptoFraud #ponzischeme #CryptoScams #CryptoNews #FBI
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*How Did It Happen? 🤔*
Kovar's company, *Profit Connect*, claimed to be a high-tech AI firm that was involved in *crypto mining* and *transaction verification*. He *lured investors* with promises of *lucrative returns*, offering *fixed annual returns of 15% to 30%* and a *100% money-back guarantee*. On top of that, he misled investors into believing that their money was *secure* and backed by the *Federal Deposit Insurance Corporation (FDIC)*. 😳
However, it turns out these promises were *false*. Kovar used the investors' funds to live an *extravagant lifestyle*, purchasing gifts for employees, buying a *house*, and *repaying investors* to keep the scheme going – all under the guise of crypto profits. 💸💎
---
*Charges and Consequences 🚔*
Now, Kovar is facing *12 counts of wire fraud*, *3 counts of mail fraud*, and *3 counts of money laundering*. If convicted, he could be looking at a *maximum of 330 years in prison* and a *4.5 million fine*. 😳
This case is just one of many in a *broader crackdown* on *crypto-related Ponzi schemes*. Just recently, another promoter of a crypto Ponzi scheme, *Antonia Perez Hernandez*, was sentenced to *over two years in prison* for *conspiracy to commit wire fraud*. ⚖️
—
*A Wider Problem: Crypto Fraud 🕵️♂️*
This case is part of an ongoing effort to fight crypto fraud. The *FBI’s “Operation Level Up”* saved *285 million* in potential fraud losses between January 2024 and January 2025. 🚨 It’s clear that regulators are ramping up their efforts to hold scammers accountable and protect investors.
---
*Why Is This Important? 🚨*
- *Do your research*: Before investing in any crypto opportunity, always look for *verified information* and *avoid promises of “too good to be true” returns*.
- *Understand the risks*: Crypto is volatile, and *scams are unfortunately part of the landscape*. Make sure you only invest in *reputable projects*.
- *Stay vigilant*: If something feels off, trust your instincts and *walk away*.
---
*Final Thoughts 🤯*
While crypto offers great opportunities, it’s essential to stay cautious and avoid falling for schemes like Kovar’s. Let’s learn from this case, stay informed, and keep our investments safe. 💡
$BTC
$ETH
$BNB
#CryptoFraud #ponzischeme #CryptoScams #CryptoNews #FBI
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HashFlare Scam $577 Million: Two Estonians Plead Guilty, Facing 20 Years in Prison
Two Estonian citizens, Sergei Potapenko and Ivan Turõgin, have pleaded guilty to defrauding $577 million in the HashFlare Ponzi scheme, promising cryptocurrency mining but actually lacking the computing power to deliver as promised.
Sophisticated Crypto Investment Scam
#HashFlare advertised as a cloud cryptocurrency mining service, attracting over $577 million from investors from 2015 to 2019.
In reality, the company did not have enough mining equipment, used fake data to create the illusion of phantom profits, and defrauded investors.
Sophisticated Crypto Investment Scam
#HashFlare advertised as a cloud cryptocurrency mining service, attracting over $577 million from investors from 2015 to 2019.
In reality, the company did not have enough mining equipment, used fake data to create the illusion of phantom profits, and defrauded investors.
See original
#Prevent Hacker Attacks According to the FBI#
The FBI provides some tips as a preventive measure to become a victim of ghost hackers.
Here are the tips:
1. Do not download software from unknown people
2. Do not click on unsolicited pop-up notifications, links from text messages, email links or attachments
3. Do not call the phone in a pop-up, text or email
4. Do not let unknown people control your computer
#FBI $BTC
The FBI provides some tips as a preventive measure to become a victim of ghost hackers.
Here are the tips:
1. Do not download software from unknown people
2. Do not click on unsolicited pop-up notifications, links from text messages, email links or attachments
3. Do not call the phone in a pop-up, text or email
4. Do not let unknown people control your computer
#FBI $BTC
See original
#Operator #penambangan #HashFlareCLOUD
Plead Guilty to
$577 Million Fraud #Crypto After
#FBI Investigation
Plead Guilty to
$577 Million Fraud #Crypto After
#FBI Investigation
See original
👮♂️ FBI Helps Cryptocurrency Scam Victims Recover $285 Million in Potential Asset Losses
The Federal Bureau of Investigation (FBI) has helped potential victims of cryptocurrency scams save $285 million through a program called "Level Up," rescuing thousands from deep-rooted scams!
It is reported that the "Level Up" initiative is an active program of the FBI aimed at identifying and notifying those who have suffered from cryptocurrency investment fraud. By using advanced technology to quickly identify victims, the FBI directly contacts them via phone to intervene swiftly.
As of January of this year, the FBI has prevented over 4,300 people from being scammed through the "Level Up" initiative, including one victim who almost invested $1 million and another who was preparing to sell their house to raise $500,000.
Reports indicate that the scam rings consist of skilled and experienced experts who specifically target individuals aged 30 to 60 who are tech-savvy and eager to invest. They are not only active on social media but also search for targets through text messages, investment groups, social platforms, and even dating websites. Victims often realize they have been scammed only after suffering financial losses.
Additionally, the FBI recorded cryptocurrency investment fraud losses reaching $3.9 billion in 2023, but the actual figure may far exceed this number, as many cases have not been reported. Currently, the FBI receives over 3,200 complaints related to cryptocurrency scams each month.
To prevent fraud, the FBI advises everyone to “pause” before making investment decisions and not to rush into action. Take some time to think carefully and don’t let scammers manipulate your decisions by creating a “false sense of urgency.”
In summary, as scams become increasingly sophisticated, everyone must stay vigilant and not easily trust seemingly attractive investment opportunities.
💬 Have you ever encountered similar scam experiences? Do you have any anti-fraud tips and advice to share? See you in the comments!
#FBI #加密货币诈骗 #防骗提醒
The Federal Bureau of Investigation (FBI) has helped potential victims of cryptocurrency scams save $285 million through a program called "Level Up," rescuing thousands from deep-rooted scams!
It is reported that the "Level Up" initiative is an active program of the FBI aimed at identifying and notifying those who have suffered from cryptocurrency investment fraud. By using advanced technology to quickly identify victims, the FBI directly contacts them via phone to intervene swiftly.
As of January of this year, the FBI has prevented over 4,300 people from being scammed through the "Level Up" initiative, including one victim who almost invested $1 million and another who was preparing to sell their house to raise $500,000.
Reports indicate that the scam rings consist of skilled and experienced experts who specifically target individuals aged 30 to 60 who are tech-savvy and eager to invest. They are not only active on social media but also search for targets through text messages, investment groups, social platforms, and even dating websites. Victims often realize they have been scammed only after suffering financial losses.
Additionally, the FBI recorded cryptocurrency investment fraud losses reaching $3.9 billion in 2023, but the actual figure may far exceed this number, as many cases have not been reported. Currently, the FBI receives over 3,200 complaints related to cryptocurrency scams each month.
To prevent fraud, the FBI advises everyone to “pause” before making investment decisions and not to rush into action. Take some time to think carefully and don’t let scammers manipulate your decisions by creating a “false sense of urgency.”
In summary, as scams become increasingly sophisticated, everyone must stay vigilant and not easily trust seemingly attractive investment opportunities.
💬 Have you ever encountered similar scam experiences? Do you have any anti-fraud tips and advice to share? See you in the comments!
#FBI #加密货币诈骗 #防骗提醒
CLS Global Pleads Guilty to Manipulating FBI-Backed Token
The UAE-based company CLS Global agreed to accept U.S. charges that they manipulated the value of a special FBI-created cryptocurrency token used to fight crypto fraud.
The FBI’s first-ever operation to fight cryptocurrency fraud charged CLS Global as one of 15 individuals and three companies. Prosecutors say CLS Global provided illegal trading services to cryptocurrency companies and agreed to help manipulate the market for the FBI-backed NexFundAI token, which runs on the Ethereum blockchain.
The company told investigators it made fake trades to make the token’s price and trading activity look higher than they really were. CLS Global must pay $428,059 and cannot trade cryptocurrencies on U.S. platforms or serve U.S. clients.
To show it follows the rules, CLS Global must give proof of compliance once a year. The company also says it will pay back the U.S. Securities and Exchange Commission for breaking its rules.
The case shows regulators are paying closer attention to crypto companies, and shows how essential it is for these firms to follow U.S. rules when dealing with digital currencies.
#FBI #crypto #CryptoSurge2025
The FBI’s first-ever operation to fight cryptocurrency fraud charged CLS Global as one of 15 individuals and three companies. Prosecutors say CLS Global provided illegal trading services to cryptocurrency companies and agreed to help manipulate the market for the FBI-backed NexFundAI token, which runs on the Ethereum blockchain.
The company told investigators it made fake trades to make the token’s price and trading activity look higher than they really were. CLS Global must pay $428,059 and cannot trade cryptocurrencies on U.S. platforms or serve U.S. clients.
To show it follows the rules, CLS Global must give proof of compliance once a year. The company also says it will pay back the U.S. Securities and Exchange Commission for breaking its rules.
The case shows regulators are paying closer attention to crypto companies, and shows how essential it is for these firms to follow U.S. rules when dealing with digital currencies.
#FBI #crypto #CryptoSurge2025
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The rest of you, brace yourself: US indicts Gotbit and other market makers
Federal prosecutors in Boston have filed “the first-ever criminal charges against financial firms for crypto market manipulation and wash trading.”
Eighteen individuals and entities are accused of large-scale fraud and manipulation of the cryptocurrency market, including the heads of market making companies Gotbit, ZM Quant, CLS Global, MyTrad and several crypto projects.
Eighteen individuals and entities are accused of large-scale fraud and manipulation of the cryptocurrency market, including the heads of market making companies Gotbit, ZM Quant, CLS Global, MyTrad and several crypto projects.
CLS Global’s Guilty Plea
What Happened?
CLS Global, a crypto firm, admitted to market manipulation.
The FBI caught them in an operation called "Token Mirrors."
#fra
How the FBI Did It
1. The FBI created a fake cryptocurrency called "MirrorCoin."
2. CLS Global manipulated its price using fake trades (wash trading).
3. Undercover agents recorded CLS Global explaining how they cheated.
Punishments for CLS Global:
1.Paid a $428,059 fine.
2.Banned from using U.S. crypto platforms.
Impact:
Warns other firms not to cheat.
Helps make crypto markets more trusted.
Conclusion
The FBI’s plan worked, catching CLS Global and stopping fraud.
#Fraud_alert #FBI #scam #analysis #news
$SOL $XRP $BNB
What Happened?
CLS Global, a crypto firm, admitted to market manipulation.
The FBI caught them in an operation called "Token Mirrors."
#fra
How the FBI Did It
1. The FBI created a fake cryptocurrency called "MirrorCoin."
2. CLS Global manipulated its price using fake trades (wash trading).
3. Undercover agents recorded CLS Global explaining how they cheated.
Punishments for CLS Global:
1.Paid a $428,059 fine.
2.Banned from using U.S. crypto platforms.
Impact:
Warns other firms not to cheat.
Helps make crypto markets more trusted.
Conclusion
The FBI’s plan worked, catching CLS Global and stopping fraud.
#Fraud_alert #FBI #scam #analysis #news
$SOL $XRP $BNB
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Indian Businessman Sentenced to Over 10 Years in Prison for Crypto Money Laundering
An Indian man, Anurag Pramod Murarka, has been sentenced to 121 months in prison in the US for running a global money laundering network that processed more than $20 million in illegal profits.
Case details
According to the ruling from Judge Gregory Van Tatenhove, Murarka used cryptocurrency trading platforms and hawala systems to launder money from illegal activities, including drug trafficking and cyberattacks.
Case details
According to the ruling from Judge Gregory Van Tatenhove, Murarka used cryptocurrency trading platforms and hawala systems to launder money from illegal activities, including drug trafficking and cyberattacks.
Smartphone Hack Reveals Insights into Targeted Attack on Trump
In a groundbreaking achievement, the FBI has successfully penetrated the smartphone of the individual who targeted Trump, effectively bypassing the encryption and gaining access to the encrypted data. This significant development has revolutionized the investigation, endowing law enforcement agents with invaluable insights into the attacker's motives and potential affiliations with other individuals.
The meticulous analysis of the smartphone data has yielded a plethora of noteworthy discoveries. Most notably, it has exposed the perpetrator's affiliation with a specific extremist organization, serving as further corroboration of suspicions that the attack was politically motivated.
Furthermore, the smartphone data has played an indispensable role in reconstructing the sequence of events leading up to and during the assault. Investigators have ascertained that the assailant painstakingly acquired intricate details about Trump's schedule and whereabouts, providing compelling evidence of a meticulously orchestrated and premeditated assault.
It is of utmost importance to highlight that the breach of the smartphone was conducted in full compliance with all legal protocols and regulations. The investigation remains resolute in its unwavering commitment to uncover every facet and underlying cause of this incident.
#Trump2024 #hacking #attacked #fbi #BTC
The meticulous analysis of the smartphone data has yielded a plethora of noteworthy discoveries. Most notably, it has exposed the perpetrator's affiliation with a specific extremist organization, serving as further corroboration of suspicions that the attack was politically motivated.
Furthermore, the smartphone data has played an indispensable role in reconstructing the sequence of events leading up to and during the assault. Investigators have ascertained that the assailant painstakingly acquired intricate details about Trump's schedule and whereabouts, providing compelling evidence of a meticulously orchestrated and premeditated assault.
It is of utmost importance to highlight that the breach of the smartphone was conducted in full compliance with all legal protocols and regulations. The investigation remains resolute in its unwavering commitment to uncover every facet and underlying cause of this incident.
#Trump2024 #hacking #attacked #fbi #BTC
🕵️♂️ FBI has linked the 🇰🇵 North Korean hacker group 'TraderTraitor' to a 💲308 million cryptocurrency heist from the 🇯🇵 Japanese exchange DMM Bitcoin in May 2024. The attack began in March 2024 when a hacker posed as a recruiter on LinkedIn and targeted an employee of Ginco, a cryptocurrency wallet software company. The hacker used malicious code to infiltrate Ginco and then DMM Bitcoin, ultimately manipulating a transaction to steal 4,502.9 $BTC . The FBI has been monitoring TraderTraitor since 2022 for targeting the blockchain sector with fake apps❗
#TraderTraitor #FBI #Hack #NorthKorea
$ETH $XRP
#TraderTraitor #FBI #Hack #NorthKorea
$ETH $XRP
Crypto firm pleads guilty to wash trading FBI-made token
CLS Global admitted to helping wash trade and manipulate the market for a token made by the FBI designed to draw in those engaged in fraudulent crypto activities.
A crypto financial services firm has agreed to plead guilty to US charges of helping to manipulate markets for a crypto token created by the FBI aiming to find fraud.
The United Arab Emirates-based CLS Global agreed to plead guilty to two counts of fraudulent manipulation of cryptocurrency trading volumes and wire fraud, according to a Jan. 21 plea deal.
The Massachusetts US Attorney’s Office said that CLS would pay a $428,059 fine and forfeit all funds held in several accounts on crypto exchanges Binance and KuCoin.
CLS was charged in September after being snared by an FBI-created AI-related token called NexFundAI (NEXF), designed to draw in those engaged in fraudulent cryptocurrency activities, particularly pump-and-dump schemes.
The FBI masqueraded as scammers and asked for help manipulating the token’s trading volume to fool investors into believing that NEXF was more popular than it was.
As part of the plea deal, CLS admitted its involvement in providing services for the NexFundAI token, including wash trading, to fraudulently attract investors to purchase the token.
According to the plea deal, CLS is prohibited from participating in crypto transactions on trading platforms available to investors located in the US and was placed on probation for three years.
The firm will have to make annual certifications to the Securities and Exchange Commission that it’s adhering to this prohibition.
The SEC brought separate civil charges against CLS in October, alleging violations of securities laws, and has entered into a separate resolution with the company.
“Moneys seized from or paid by CLS Global will be credited in the SEC resolution, and vice versa,” the district attorney’s office said.
Related: Strange, but true: 5 outlandish and weird crypto stories of 2024
The US Justice Department said last October that 18 people were facing charges in the combined cases, and one additional company, MyTrade MM, also allegedly offered services to NexFundAI.
The operation was the first public case in which the FBI created its own digital token and a fake crypt company to help bait and catch fraudsters in the market.
CLS Global did not immediately respond to a request for comment.
#FBI #Court #crypto #CryptoSurge2025 #BinanceAlphaAlert
A crypto financial services firm has agreed to plead guilty to US charges of helping to manipulate markets for a crypto token created by the FBI aiming to find fraud.
The United Arab Emirates-based CLS Global agreed to plead guilty to two counts of fraudulent manipulation of cryptocurrency trading volumes and wire fraud, according to a Jan. 21 plea deal.
The Massachusetts US Attorney’s Office said that CLS would pay a $428,059 fine and forfeit all funds held in several accounts on crypto exchanges Binance and KuCoin.
CLS was charged in September after being snared by an FBI-created AI-related token called NexFundAI (NEXF), designed to draw in those engaged in fraudulent cryptocurrency activities, particularly pump-and-dump schemes.
The FBI masqueraded as scammers and asked for help manipulating the token’s trading volume to fool investors into believing that NEXF was more popular than it was.
As part of the plea deal, CLS admitted its involvement in providing services for the NexFundAI token, including wash trading, to fraudulently attract investors to purchase the token.
According to the plea deal, CLS is prohibited from participating in crypto transactions on trading platforms available to investors located in the US and was placed on probation for three years.
The firm will have to make annual certifications to the Securities and Exchange Commission that it’s adhering to this prohibition.
The SEC brought separate civil charges against CLS in October, alleging violations of securities laws, and has entered into a separate resolution with the company.
“Moneys seized from or paid by CLS Global will be credited in the SEC resolution, and vice versa,” the district attorney’s office said.
Related: Strange, but true: 5 outlandish and weird crypto stories of 2024
The US Justice Department said last October that 18 people were facing charges in the combined cases, and one additional company, MyTrade MM, also allegedly offered services to NexFundAI.
The operation was the first public case in which the FBI created its own digital token and a fake crypt company to help bait and catch fraudsters in the market.
CLS Global did not immediately respond to a request for comment.
#FBI #Court #crypto #CryptoSurge2025 #BinanceAlphaAlert
US Authorities Take Terraform Labs Founder
Montenegro extradited Do Kwon to the US on December 31 to stand prosecution for Terraform Labs' 2022 failure. On Tuesday morning, the interior ministry concluded the extradition process, according to The Korean Herald.
The report said that Do Kwon was “handed to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)” for “criminal proceedings in the US for crimes of conspiracy to commit fraud.”
Last Monday, Montenegro's Justice Minister Bojan Božović issued an order for Do Kwon's extradition to the US, rejecting South Korea's plea.
According to local press, “The Department of Justice has considered all the facts and circumstances and assessed criteria” and decided to extradite the Terraform Labs co-founder to the US.
Since most of the law's criteria support the competent authorities of the United States of America's extradition request, the Minister of Justice has issued a decision allowing Kwon Do Hyeong's extradition to the US while refusing extradition to Korea.
Do Kwon's Montenegrin attorneys blasted the Minister of Justice's decision and said they will “appeal to the country's constitutional court and to the European Court of Human Rights.”
Do Kwon's Montenegro Tale
Montenegro held the South Korean entrepreneur for nearly a year and a half. He and Terraform Lab's former finance officer Han Chang-joon were arrested in March 2023 for trying to use fake travel papers at Podgorica airport.
His arrest followed months of leaving his native country and Singapore before Terraform Labs went bankrupt. The Federal Reserve Board said that the business lost “around $50 billion worth of the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), in the span of a week,” one of the greatest crypto crashes.
Do Kwon was sentenced to four months in Montenegro and given two months at the US and South Korean request.
#TerraLuna #DoKwon #FBI #Luna $LUNA $LUNC $USTC
Montenegro extradited Do Kwon to the US on December 31 to stand prosecution for Terraform Labs' 2022 failure. On Tuesday morning, the interior ministry concluded the extradition process, according to The Korean Herald.
The report said that Do Kwon was “handed to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)” for “criminal proceedings in the US for crimes of conspiracy to commit fraud.”
Last Monday, Montenegro's Justice Minister Bojan Božović issued an order for Do Kwon's extradition to the US, rejecting South Korea's plea.
According to local press, “The Department of Justice has considered all the facts and circumstances and assessed criteria” and decided to extradite the Terraform Labs co-founder to the US.
Since most of the law's criteria support the competent authorities of the United States of America's extradition request, the Minister of Justice has issued a decision allowing Kwon Do Hyeong's extradition to the US while refusing extradition to Korea.
Do Kwon's Montenegrin attorneys blasted the Minister of Justice's decision and said they will “appeal to the country's constitutional court and to the European Court of Human Rights.”
Do Kwon's Montenegro Tale
Montenegro held the South Korean entrepreneur for nearly a year and a half. He and Terraform Lab's former finance officer Han Chang-joon were arrested in March 2023 for trying to use fake travel papers at Podgorica airport.
His arrest followed months of leaving his native country and Singapore before Terraform Labs went bankrupt. The Federal Reserve Board said that the business lost “around $50 billion worth of the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), in the span of a week,” one of the greatest crypto crashes.
Do Kwon was sentenced to four months in Montenegro and given two months at the US and South Korean request.
#TerraLuna #DoKwon #FBI #Luna $LUNA $LUNC $USTC
See original
It was never a study, it was always manipulation.
There are more whales in this rotten sea.
$UNI I hate you.
#cacaniquel #fbi #bitcoin
There are more whales in this rotten sea.
$UNI I hate you.
#cacaniquel #fbi #bitcoin
CryptoPotato
--
SEC Exposes Massive Crypto Market Manipulation Scheme
U.S. authorities, including the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ), have charged Gotbit and four other crypto firms with widespread market manipulation.
The charges also roped in several individuals who worked for the offending organizations.
Market Makers Accused of Running Wash Trading Scheme
According to a statement the SEC issued on October 9, Gotbit, ZM Quant, CLS Global, and MyTrade MM used bots to inflate trading volumes on centralized exchanges (CEXs) through wash trading.
A parallel statement from the Massachusetts U.S. Attorney’s office included popular meme coin projects Saitama and Robo Inu among those with complaints issued against them.
The SEC claims that the named companies engaged in “pump and dump” schemes, where they misrepresented the value of certain tokens, prompting new investors to buy in only to cash out at inflated prices.
In total, law enforcement officials seized $25 million in cryptocurrency. Furthermore, they deactivated bots responsible for millions of fraudulent transactions across 60 different crypto assets.
Saitama Employees Named in Complaint
Prominent names fingered in the investigations include Russell Armand, Maxwell Hernandez, and Manpreet Kohli. They and fellow Saitama employees Nam Tran and Vy Pham are accused of using Gotbit and ZM Quant to provide market manipulation services, including generating fake trading volumes for assorted cryptocurrencies.
Kohli and Tran face additional charges of conspiracy to commit wire fraud and running an unlicensed money-transmitting business.
According to the U.S. Attorney’s office, Armand and Hernandez have already pleaded guilty to the exact charges as those leveled against Kohli and Tran. In addition, California-based Pham also confessed to being involved in unlawful conduct at Saitama and another unnamed crypto company.
Others indicted in the U.S. District Court in Boston include Gotbit’s Aleksei Andriunin, Fedor Kedrov, and Qawi Jalili, as well as Riqui Liu and Baijun Ou of ZM Quant.
The investigation, which began in 2017, uncovered that the suspects used bots to create quadrillions of fake transactions, amounting to billions in artificial trading volume daily. These activities caused unsuspecting retail investors to buy tokens at inflated prices, only to suffer massive losses when Gotbit and its co-accused firms dumped their holdings.
A crucial turning point in the investigation came when the FBI created a cryptocurrency called NexFundAI to gain access to the inner workings of the market-making firms.
NexFundAI, which was still actively trading at the time of this writing, with a market cap of around $237,000, was designed to appear as a legitimate project linking crypto and AI. It seemed to have worked as intended, attracting the market manipulators who believed they could exploit it.
The post SEC Exposes Massive Crypto Market Manipulation Scheme appeared first on CryptoPotato.
The charges also roped in several individuals who worked for the offending organizations.
Market Makers Accused of Running Wash Trading Scheme
According to a statement the SEC issued on October 9, Gotbit, ZM Quant, CLS Global, and MyTrade MM used bots to inflate trading volumes on centralized exchanges (CEXs) through wash trading.
A parallel statement from the Massachusetts U.S. Attorney’s office included popular meme coin projects Saitama and Robo Inu among those with complaints issued against them.
The SEC claims that the named companies engaged in “pump and dump” schemes, where they misrepresented the value of certain tokens, prompting new investors to buy in only to cash out at inflated prices.
In total, law enforcement officials seized $25 million in cryptocurrency. Furthermore, they deactivated bots responsible for millions of fraudulent transactions across 60 different crypto assets.
Saitama Employees Named in Complaint
Prominent names fingered in the investigations include Russell Armand, Maxwell Hernandez, and Manpreet Kohli. They and fellow Saitama employees Nam Tran and Vy Pham are accused of using Gotbit and ZM Quant to provide market manipulation services, including generating fake trading volumes for assorted cryptocurrencies.
Kohli and Tran face additional charges of conspiracy to commit wire fraud and running an unlicensed money-transmitting business.
According to the U.S. Attorney’s office, Armand and Hernandez have already pleaded guilty to the exact charges as those leveled against Kohli and Tran. In addition, California-based Pham also confessed to being involved in unlawful conduct at Saitama and another unnamed crypto company.
Others indicted in the U.S. District Court in Boston include Gotbit’s Aleksei Andriunin, Fedor Kedrov, and Qawi Jalili, as well as Riqui Liu and Baijun Ou of ZM Quant.
The investigation, which began in 2017, uncovered that the suspects used bots to create quadrillions of fake transactions, amounting to billions in artificial trading volume daily. These activities caused unsuspecting retail investors to buy tokens at inflated prices, only to suffer massive losses when Gotbit and its co-accused firms dumped their holdings.
A crucial turning point in the investigation came when the FBI created a cryptocurrency called NexFundAI to gain access to the inner workings of the market-making firms.
NexFundAI, which was still actively trading at the time of this writing, with a market cap of around $237,000, was designed to appear as a legitimate project linking crypto and AI. It seemed to have worked as intended, attracting the market manipulators who believed they could exploit it.
The post SEC Exposes Massive Crypto Market Manipulation Scheme appeared first on CryptoPotato.
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A 23-year-old man has been arrested in New York, accused of running a $100 million underground drug market. Rui-Xiang Lin, known online as "Pharaoh", was detained on May 18. Lin is accused of running Incognito Market, one of the largest online platforms for selling drugs. 💊 The platform allowed users to buy and sel* drugs including cocaine, LSD, MDMA and prescriptive amphetamines such as Adderall using Bitcoin (BTC) and Monero (XMR) as payment methods. According to the FBI, Lin was found through tracking of cryptocurrency transactions.
#fbi #MemeWatch2024 #binance
#fbi #MemeWatch2024 #binance
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FBI Thwarts Plot to Kidnap Jeweler and Steal 2 Million USD in Crypto
The FBI recently thwarted a bold plot to kidnap a jeweler in Miami and steal 2 million USD in cryptocurrency. This plan, conceived by a mastermind nicknamed "Jack", was uncovered thanks to information from a confidential source.
The plot was prepared via Telegram
According to the documents from #FBI , "Jack" created a chat group on Telegram to coordinate the plan with accomplices, referring to them as "goons". In the chat group, messages clearly expressed "Jack"'s intent to kidnap the victim working at the Seybold building, who was believed to possess a large amount of cryptocurrency.
The plot was prepared via Telegram
According to the documents from #FBI , "Jack" created a chat group on Telegram to coordinate the plan with accomplices, referring to them as "goons". In the chat group, messages clearly expressed "Jack"'s intent to kidnap the victim working at the Seybold building, who was believed to possess a large amount of cryptocurrency.