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Former Cred Executives Plead Guilty to Fraud: Up to $150 Million Vanished
Another dark chapter in the world of crypto. Former CEO Daniel Schatt and former CFO Joseph Podulka, who once led the now-bankrupt crypto lending platform Cred, have pleaded guilty to wire fraud. According to U.S. prosecutors, they misled customers about the company’s financial situation – causing losses in the tens or even hundreds of millions of dollars.
🧾 Guilty Plea in California Court: They Intentionally Misled Clients
On May 13, a California federal court confirmed that Schatt and Podulka admitted guilt as part of a plea agreement regarding bank and wire fraud. Judge William Alsup accepted their pleas, and sentencing is scheduled for August 26.
Each man faces a potential maximum sentence of 20 years in prison and a $250,000 fine, while corporate fines could reach $500,000.
Law360 reported that Schatt and Podulka deliberately shared only positive information while hiding the negative – all in an effort to convince customers to lend their fiat and digital assets to Cred.
💸 Total Customer Losses: Up to $150 Million
Cred filed for bankruptcy in November 2020, and users reportedly lost up to $150 million. Many turned to social media, asking whether their funds were still safe.
In their plea deal, the former executives admitted that their actions caused user losses between $65 and $150 million. It also emerged that Cred had substantial exposure to a Chinese company called MoKredit, which was issuing unsecured microloans to gamers in China.
🏦 Misleading Claims About Loans and Investments
Prosecutors stated that Cred’s leadership falsely claimed their loans were fully collateralized and their crypto investments were safely backed. In reality, the lending portfolio was built on unstable foundations, and when Bitcoin fell 40% in March 2020, the firm couldn’t meet its margin obligations.
The company was on the verge of insolvency, yet prosecutors say that three top executives continued recruiting new customers while downplaying the risks.
⚖️ Crypto Sector Sees a Wave of Legal Reckonings
The Cred case is just one among many. Other high-profile crypto figures have faced serious charges this year:
🔹 Alex Mashinsky, founder of the defunct Celsius platform, was sentenced to 12 years in prison on May 8 for fraud.
🔹 Travis Ford, co-founder of Wolf Capital, pleaded guilty on January 10 to conspiracy to commit fraud. He raised over $9 million from investors based on false promises of high returns.
🧠 One-Minute Summary:
Two former executives of Cred have pleaded guilty to fraud after misleading customers about the company’s financial troubles. The 2020 collapse of Cred resulted in up to $150 million in losses. Both men face up to 20 years in prison. The case is another clear sign that in the world of crypto, even top executives are no longer above the law.
#CryptoFraud , #CryptoScandal , #CryptoCrime , #CryptoRegulation , #CryptoNewss
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.“
🧾 Guilty Plea in California Court: They Intentionally Misled Clients
On May 13, a California federal court confirmed that Schatt and Podulka admitted guilt as part of a plea agreement regarding bank and wire fraud. Judge William Alsup accepted their pleas, and sentencing is scheduled for August 26.
Each man faces a potential maximum sentence of 20 years in prison and a $250,000 fine, while corporate fines could reach $500,000.
Law360 reported that Schatt and Podulka deliberately shared only positive information while hiding the negative – all in an effort to convince customers to lend their fiat and digital assets to Cred.
💸 Total Customer Losses: Up to $150 Million
Cred filed for bankruptcy in November 2020, and users reportedly lost up to $150 million. Many turned to social media, asking whether their funds were still safe.
In their plea deal, the former executives admitted that their actions caused user losses between $65 and $150 million. It also emerged that Cred had substantial exposure to a Chinese company called MoKredit, which was issuing unsecured microloans to gamers in China.
🏦 Misleading Claims About Loans and Investments
Prosecutors stated that Cred’s leadership falsely claimed their loans were fully collateralized and their crypto investments were safely backed. In reality, the lending portfolio was built on unstable foundations, and when Bitcoin fell 40% in March 2020, the firm couldn’t meet its margin obligations.
The company was on the verge of insolvency, yet prosecutors say that three top executives continued recruiting new customers while downplaying the risks.
⚖️ Crypto Sector Sees a Wave of Legal Reckonings
The Cred case is just one among many. Other high-profile crypto figures have faced serious charges this year:
🔹 Alex Mashinsky, founder of the defunct Celsius platform, was sentenced to 12 years in prison on May 8 for fraud.
🔹 Travis Ford, co-founder of Wolf Capital, pleaded guilty on January 10 to conspiracy to commit fraud. He raised over $9 million from investors based on false promises of high returns.
🧠 One-Minute Summary:
Two former executives of Cred have pleaded guilty to fraud after misleading customers about the company’s financial troubles. The 2020 collapse of Cred resulted in up to $150 million in losses. Both men face up to 20 years in prison. The case is another clear sign that in the world of crypto, even top executives are no longer above the law.
#CryptoFraud , #CryptoScandal , #CryptoCrime , #CryptoRegulation , #CryptoNewss
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.“
⚖️ Celsius Founder Sentenced to 12 Years for Defrauding Users
Body:
Alexander Mashinsky, former CEO of Celsius Network, was sentenced to 12 years in prison for defrauding customers of billions. He falsely assured users that their $20 billion in funds were safely invested, while in reality, he used the money for risky and undisclosed financial bets. This case highlights the importance of transparency and trust in the crypto industry.
Hashtags:
#Celsius iusScandal #CryptoFraud ud #MashinskySentenced #TrustInCrypto #CryptoRegulation
Body:
Alexander Mashinsky, former CEO of Celsius Network, was sentenced to 12 years in prison for defrauding customers of billions. He falsely assured users that their $20 billion in funds were safely invested, while in reality, he used the money for risky and undisclosed financial bets. This case highlights the importance of transparency and trust in the crypto industry.
Hashtags:
#Celsius iusScandal #CryptoFraud ud #MashinskySentenced #TrustInCrypto #CryptoRegulation
Celsius Network Founder Faces 20-Year Prison Sentence for Fraud ---
Date: May 7, 2025
Location: New York, USA
Alexander Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius Network, is facing a potential 20-year prison sentence. Federal prosecutors have accused him of orchestrating a deliberate and calculated fraud scheme that led to nearly $7 billion in customer losses. Mashinsky pleaded guilty in December 2024 to commodities fraud and securities fraud charges, admitting to manipulating the price of Celsius's proprietary token, CEL, and misleading investors about the company's financial health. He profited approximately $48 million by selling his CEL holdings at inflated prices before the company's collapse in July 2022.
Defense attorneys are seeking a more lenient sentence of no more than 366 days, arguing that Mashinsky's actions were not predatory and attributing the company's downfall to a broader market downturn. Sentencing is scheduled for May 8, 2025, in a Manhattan federal court.
---
*Alexander Mashinsky, founder and former CEO of Celsius Network, leaves Manhattan federal court on July 13, 2023. *
---
For more details, you can read the full article here:
🔗 Prosecutors seek 20-year prison term for founder of failed crypto platform Celsius
#celsiusNetwork
Location: New York, USA
Alexander Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius Network, is facing a potential 20-year prison sentence. Federal prosecutors have accused him of orchestrating a deliberate and calculated fraud scheme that led to nearly $7 billion in customer losses. Mashinsky pleaded guilty in December 2024 to commodities fraud and securities fraud charges, admitting to manipulating the price of Celsius's proprietary token, CEL, and misleading investors about the company's financial health. He profited approximately $48 million by selling his CEL holdings at inflated prices before the company's collapse in July 2022.
Defense attorneys are seeking a more lenient sentence of no more than 366 days, arguing that Mashinsky's actions were not predatory and attributing the company's downfall to a broader market downturn. Sentencing is scheduled for May 8, 2025, in a Manhattan federal court.
---
*Alexander Mashinsky, founder and former CEO of Celsius Network, leaves Manhattan federal court on July 13, 2023. *
---
For more details, you can read the full article here:
🔗 Prosecutors seek 20-year prison term for founder of failed crypto platform Celsius
#celsiusNetwork
💣 FTX Collapse: The Fall of a Crypto Empire
In November 2022, one of the largest and most trusted crypto exchanges, FTX, filed for bankruptcy — wiping out billions of dollars in user funds and shaking the entire crypto industry.
🏛️ Led by founder Sam Bankman-Fried (SBF), FTX was known for its sleek interface, aggressive marketing, and institutional partnerships. But behind the scenes, the company was secretly misusing customer deposits through its trading arm, Alameda Research.
📉 When leaked financial documents raised concerns, rival exchange Binance announced it would dump its FTT tokens — triggering a bank run. Within 72 hours, FTX collapsed.
⚖️ SBF was later arrested and charged with fraud, conspiracy, and money laundering. The trial became a global media event, exposing deep flaws in crypto governance.
💡 The FTX crash is now considered “Crypto’s Lehman Brothers Moment”, prompting regulators worldwide to draft stricter laws on exchanges and custodians.
🏷️ #FTXCrash
#SBF
#CryptoFraud
#CryptoHistory
#Crypto2025
In November 2022, one of the largest and most trusted crypto exchanges, FTX, filed for bankruptcy — wiping out billions of dollars in user funds and shaking the entire crypto industry.
🏛️ Led by founder Sam Bankman-Fried (SBF), FTX was known for its sleek interface, aggressive marketing, and institutional partnerships. But behind the scenes, the company was secretly misusing customer deposits through its trading arm, Alameda Research.
📉 When leaked financial documents raised concerns, rival exchange Binance announced it would dump its FTT tokens — triggering a bank run. Within 72 hours, FTX collapsed.
⚖️ SBF was later arrested and charged with fraud, conspiracy, and money laundering. The trial became a global media event, exposing deep flaws in crypto governance.
💡 The FTX crash is now considered “Crypto’s Lehman Brothers Moment”, prompting regulators worldwide to draft stricter laws on exchanges and custodians.
🏷️ #FTXCrash
#SBF
#CryptoFraud
#CryptoHistory
#Crypto2025
Crystal Intelligence Acquires Scam Alert: Taking on Crypto Fraud Networks
As crypto-related crime reaches unprecedented heights, Crystal Intelligence has announced the acquisition of Scam Alert, a public platform originally developed by Whale Alert to report and track crypto fraud. The goal? To turn isolated victim reports into actionable intelligence for law enforcement and expose coordinated scam networks.
👮♂️ From Scattered Victims to Systematic Action
In a recent press release, Crystal Intelligence emphasized that crypto scams have reached "unprecedented levels", with victims often left confused, unsupported, and unaware they might be part of a larger fraudulent operation.
Scam Alert is now being reimagined as a bridge between the public and investigators. Crystal Intelligence plans to use its powerful analytics tools to connect individual scam reports and identify the underlying operations behind them.
💬 “Victims Rarely See Justice”
Crystal CEO Navin Gupta explained the rationale behind the acquisition:
“Most victims never get justice. That allows scammers to keep hurting thousands more.”
Despite the takeover — terms of which remain undisclosed — Scam Alert will continue as an independent, non-commercial project focused on protection, not profit.
🌐 Multilingual Expansion and Global Reach
Crystal Intelligence is preparing to expand the platform with:
🔹 Multilingual reporting tools
🔹 Victim support systems
🔹 Collaboration with regulators and law enforcement around the world
According to the FBI's Internet Crime Complaint Center, crypto-related losses topped $9.3 billion in 2024, a 66% increase from the previous year. Crystal Intelligence aims to push back against this trend with data-driven solutions and coordinated global partnerships.
💡 Summary:
🔹 Crystal Intelligence acquires Scam Alert from Whale Alert
🔹 Goal: Connect isolated reports to uncover larger crypto fraud networks
🔹 Scam Alert remains a nonprofit, independent initiative
🔹 Crypto crime caused over $9 billion in damages this year alone
#ScamAlert , #CryptoFraud , #CryptoCrime , #CyberSecurity , #CryptoNews
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.“
👮♂️ From Scattered Victims to Systematic Action
In a recent press release, Crystal Intelligence emphasized that crypto scams have reached "unprecedented levels", with victims often left confused, unsupported, and unaware they might be part of a larger fraudulent operation.
Scam Alert is now being reimagined as a bridge between the public and investigators. Crystal Intelligence plans to use its powerful analytics tools to connect individual scam reports and identify the underlying operations behind them.
💬 “Victims Rarely See Justice”
Crystal CEO Navin Gupta explained the rationale behind the acquisition:
“Most victims never get justice. That allows scammers to keep hurting thousands more.”
Despite the takeover — terms of which remain undisclosed — Scam Alert will continue as an independent, non-commercial project focused on protection, not profit.
🌐 Multilingual Expansion and Global Reach
Crystal Intelligence is preparing to expand the platform with:
🔹 Multilingual reporting tools
🔹 Victim support systems
🔹 Collaboration with regulators and law enforcement around the world
According to the FBI's Internet Crime Complaint Center, crypto-related losses topped $9.3 billion in 2024, a 66% increase from the previous year. Crystal Intelligence aims to push back against this trend with data-driven solutions and coordinated global partnerships.
💡 Summary:
🔹 Crystal Intelligence acquires Scam Alert from Whale Alert
🔹 Goal: Connect isolated reports to uncover larger crypto fraud networks
🔹 Scam Alert remains a nonprofit, independent initiative
🔹 Crypto crime caused over $9 billion in damages this year alone
#ScamAlert , #CryptoFraud , #CryptoCrime , #CyberSecurity , #CryptoNews
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.“
Hoy les quiero compartir algunas reflexiones sobre las inversiones en cryptos por retails, conocidos como pececillos al que titulé "La Bolsa Hueca: El Espejismo del Tesoro Digital"
Imagina que entras a un gran salón. En el centro, hay una bolsa brillante colgada del techo. Todos te dicen:
“¡Ahí dentro hay oro digital! ¡Solo debes poner tu dinero y esperar!”
Pero lo que no ves es que la bolsa está rota por abajo. Cada moneda que cae dentro gotea lentamente hacia manos ocultas detrás del telón.
Los primeros en llegar —los fundadores,insiders, brokers— ya llenaron sus bolsillos con el oro que otros depositaron.
Mientras tú esperas que la bolsa se llene, ellos la vacían en silencio, con sonrisas y promesas.
Tú no estás comprando oro. Estás sosteniendo el escenario para que otros salgan con el botín.
¿Qué representa esta bolsa hueca en el mundo real?
La falsa escasez de tokens que aún se liberan mes a mes.
- El volumen manipulado por bots y operaciones internas.
- Las promesas de riqueza futura sostenidas por esperanzas, no fundamentos.
- La falta de regulación que permite que la trampa no sea delito, sino narrativa.
- Si entras a un juego donde tú no escribiste las reglas, y los que lo hicieron ya tienen la salida planeada…pregúntate si eres el jugador… o el premio.
$BTC $XRP $ETH
#BlockchainAnalysis #CryptoFraud #dumpingcoins #EstafasCrypto
Imagina que entras a un gran salón. En el centro, hay una bolsa brillante colgada del techo. Todos te dicen:
“¡Ahí dentro hay oro digital! ¡Solo debes poner tu dinero y esperar!”
Pero lo que no ves es que la bolsa está rota por abajo. Cada moneda que cae dentro gotea lentamente hacia manos ocultas detrás del telón.
Los primeros en llegar —los fundadores,insiders, brokers— ya llenaron sus bolsillos con el oro que otros depositaron.
Mientras tú esperas que la bolsa se llene, ellos la vacían en silencio, con sonrisas y promesas.
Tú no estás comprando oro. Estás sosteniendo el escenario para que otros salgan con el botín.
¿Qué representa esta bolsa hueca en el mundo real?
La falsa escasez de tokens que aún se liberan mes a mes.
- El volumen manipulado por bots y operaciones internas.
- Las promesas de riqueza futura sostenidas por esperanzas, no fundamentos.
- La falta de regulación que permite que la trampa no sea delito, sino narrativa.
- Si entras a un juego donde tú no escribiste las reglas, y los que lo hicieron ya tienen la salida planeada…pregúntate si eres el jugador… o el premio.
$BTC $XRP $ETH
#BlockchainAnalysis #CryptoFraud #dumpingcoins #EstafasCrypto
La Bolsa Hueca: El Espejismo del Tesoro Digital"
Imagina que entras a un gran salón. En el centro, hay una bolsa brillante colgada del techo. Todos te dicen:
“¡Ahí dentro hay oro digital! ¡Solo debes poner tu dinero y esperar!”
Pero lo que no ves es que la bolsa está rota por abajo. Cada moneda que cae dentro gotea lentamente hacia manos ocultas detrás del telón.
Los primeros en llegar —los fundadores,insiders, brokers— ya llenaron sus bolsillos con el oro que otros depositaron.
Mientras tú esperas que la bolsa se llene, ellos la vacían en silencio, con sonrisas y promesas.
Tú no estás comprando oro. Estás sosteniendo el escenario para que otros salgan con el botín.
¿Qué representa esta bolsa hueca en el mundo real?
La falsa escasez de tokens que aún se liberan mes a mes.
El volumen manipulado por bots y operaciones internas (Dark Pool)Las promesas de riqueza futura sostenidas por esperanzas, no fundamentos. La falta de regulación que permite que la trampa no sea delito, sino narrativa.
- Si entras a un juego donde tú no escribiste las reglas, y los que lo hicieron ya tienen la salida planeada…pregúntate si eres el jugador… o el premio.
$BTC $XRP $ETH
#BlockchainAnalysis #CryptoFraud #dumpingcoins #EstafasCrypto
“¡Ahí dentro hay oro digital! ¡Solo debes poner tu dinero y esperar!”
Pero lo que no ves es que la bolsa está rota por abajo. Cada moneda que cae dentro gotea lentamente hacia manos ocultas detrás del telón.
Los primeros en llegar —los fundadores,insiders, brokers— ya llenaron sus bolsillos con el oro que otros depositaron.
Mientras tú esperas que la bolsa se llene, ellos la vacían en silencio, con sonrisas y promesas.
Tú no estás comprando oro. Estás sosteniendo el escenario para que otros salgan con el botín.
¿Qué representa esta bolsa hueca en el mundo real?
La falsa escasez de tokens que aún se liberan mes a mes.
El volumen manipulado por bots y operaciones internas (Dark Pool)Las promesas de riqueza futura sostenidas por esperanzas, no fundamentos. La falta de regulación que permite que la trampa no sea delito, sino narrativa.
- Si entras a un juego donde tú no escribiste las reglas, y los que lo hicieron ya tienen la salida planeada…pregúntate si eres el jugador… o el premio.
$BTC $XRP $ETH
#BlockchainAnalysis #CryptoFraud #dumpingcoins #EstafasCrypto
BREAKING: $1.2 BILLION FRAUD ALLEGATION
The FTC and Nevada have sued IML, accusing it of deceiving consumers with false ads for crypto, forex, and trading courses. Since 2018, IML allegedly scammed $1.2 billion, operating under names like IM Mastery Academy and iMarkeriestaLive.
#FTCinvestigation #CryptoFraud #tradingscam #InvestorAlert #RegulatoryAction
The FTC and Nevada have sued IML, accusing it of deceiving consumers with false ads for crypto, forex, and trading courses. Since 2018, IML allegedly scammed $1.2 billion, operating under names like IM Mastery Academy and iMarkeriestaLive.
#FTCinvestigation #CryptoFraud #tradingscam #InvestorAlert #RegulatoryAction
Do Kwon Extradited to the U.S. Following Terra Luna Collapse
Do Kwon, the co-founder and former CEO of Terraform Labs, has officially been extradited to the United States to face criminal charges tied to the catastrophic collapse of the Terra Luna ecosystem. The extradition, facilitated by Montenegrin authorities in collaboration with Interpol, was confirmed by Montenegro’s Prime Minister Milojko Spajić on December 31. In his statement on X, Spajić highlighted Montenegro's dedication to fostering innovation while upholding international justice and maintaining zero tolerance for financial fraud.
This extradition marks a significant turn of events following months of deliberations and legal disputes. After serving a four-month sentence in Montenegro for using counterfeit travel documents, Kwon’s fate was decided by Montenegrin Justice Minister Bojan Božović, who approved his transfer to the U.S. on December 27. This decision came despite a competing request from South Korea, where Kwon also faces legal charges. Appeals from Kwon’s defense team delayed the process, but the final ruling underscored Montenegro’s commitment to the rule of law and international cooperation.
The legal challenges against Kwon in the U.S. are substantial. In March 2023, the U.S. Department of Justice charged him with eight serious offenses, including commodities and wire fraud, as well as conspiracy to manipulate markets. Additionally, the Securities and Exchange Commission (SEC) previously secured a court ruling in April holding Kwon and Terraform Labs liable for fraud. The resulting settlement included approximately $4.5 billion in penalties and disgorgement. While it remains unclear when Kwon will appear in a U.S. court, his extradition brings him closer to facing accountability for his actions.
The collapse of the Terra Luna ecosystem in May 2022 wiped out $50 billion in market value within days, causing widespread financial losses for investors worldwide
#DoKwonExtradition
#TerraLunaCollapse
#CryptocurrencyNews
#BlockchainRegulation
#CryptoFraud
Do Kwon, the co-founder and former CEO of Terraform Labs, has officially been extradited to the United States to face criminal charges tied to the catastrophic collapse of the Terra Luna ecosystem. The extradition, facilitated by Montenegrin authorities in collaboration with Interpol, was confirmed by Montenegro’s Prime Minister Milojko Spajić on December 31. In his statement on X, Spajić highlighted Montenegro's dedication to fostering innovation while upholding international justice and maintaining zero tolerance for financial fraud.
This extradition marks a significant turn of events following months of deliberations and legal disputes. After serving a four-month sentence in Montenegro for using counterfeit travel documents, Kwon’s fate was decided by Montenegrin Justice Minister Bojan Božović, who approved his transfer to the U.S. on December 27. This decision came despite a competing request from South Korea, where Kwon also faces legal charges. Appeals from Kwon’s defense team delayed the process, but the final ruling underscored Montenegro’s commitment to the rule of law and international cooperation.
The legal challenges against Kwon in the U.S. are substantial. In March 2023, the U.S. Department of Justice charged him with eight serious offenses, including commodities and wire fraud, as well as conspiracy to manipulate markets. Additionally, the Securities and Exchange Commission (SEC) previously secured a court ruling in April holding Kwon and Terraform Labs liable for fraud. The resulting settlement included approximately $4.5 billion in penalties and disgorgement. While it remains unclear when Kwon will appear in a U.S. court, his extradition brings him closer to facing accountability for his actions.
The collapse of the Terra Luna ecosystem in May 2022 wiped out $50 billion in market value within days, causing widespread financial losses for investors worldwide
#DoKwonExtradition
#TerraLunaCollapse
#CryptocurrencyNews
#BlockchainRegulation
#CryptoFraud
🚨 Turkish Citizen Files Complaint Against Donald & Melania Trump Over Crypto Fraud!
A Turkish investor has accused Donald and Melania Trump of defrauding people through the launch of memecoins TRUMP and MELANIA. The complaint alleges that these coins were issued right before Trump’s inauguration, fueling massive hype—only for TRUMP coin to crash from $75 to $16, leaving investors in shock. 📉💥
This comes amid Trump’s ongoing legal troubles, including a New York grand jury indictment. Reports also suggest growing tensions in his marriage with Melania, as they reportedly spend very little time together. 👀
With this new crypto controversy added to Trump’s long list of scandals, will it further damage his already shaky reputation? 🤔
#Trump #CryptoScandal #TrumpCoin #Melania #CryptoFraud
A Turkish investor has accused Donald and Melania Trump of defrauding people through the launch of memecoins TRUMP and MELANIA. The complaint alleges that these coins were issued right before Trump’s inauguration, fueling massive hype—only for TRUMP coin to crash from $75 to $16, leaving investors in shock. 📉💥
This comes amid Trump’s ongoing legal troubles, including a New York grand jury indictment. Reports also suggest growing tensions in his marriage with Melania, as they reportedly spend very little time together. 👀
With this new crypto controversy added to Trump’s long list of scandals, will it further damage his already shaky reputation? 🤔
#Trump #CryptoScandal #TrumpCoin #Melania #CryptoFraud
Protecting Americans from Digital Asset Fraud: A Ticking Time Bomb
The digital asset boom has unleashed a Wild West of opportunity—and danger. Cryptocurrencies, NFTs, and tokenized dreams promise riches, but beneath the hype lurks a cesspool of fraud draining Americans dry. In 2024 alone, the FTC reported over $2.5 billion lost to crypto scams, a 300% spike from two years prior. This isn’t a glitch; it’s an explosion of exploitation, and the U.S. government must ignite a counterattack—now.
Scammers aren’t just hacking wallets; they’re masterminding Ponzi schemes, rug pulls, and fake ICOs with surgical precision. Take the “Hyperledger Token” scam—$50 million vanished overnight after a slick X campaign hooked desperate investors. Posts bragged “10x returns in 30 days,” linking to polished sites that evaporated post-heist. I dug into the X profiles pushing this garbage—bots and bought influencers, every one. The links? Dead ends hosted on shady offshore servers. This is the norm, not the exception.
Victims aren’t just tech bros. Retirees, small business owners, even teachers are losing life savings to these digital bandits. The SEC’s cracking down, sure—$1.7 billion in penalties last year—but it’s a Band-Aid on a gunshot wound. Fraudsters adapt faster than regulators can type. Web searches reveal X posts warning of scams after the damage is done, while crooks pivot to new cons daily.
We need a detonation of action: real-time monitoring of blockchain transactions, mandatory KYC for crypto platforms, and an AI-driven task force to sniff out scams before they blow up. Education’s key—teach Americans to spot red flags like “guaranteed returns” or sketchy X hype. Congress must stop debating and start legislating. The clock’s ticking, and every delay lets another fraud bomb drop.
Protecting Americans isn’t optional—it’s urgent. Digital assets can innovate, but not at the cost of our security. #CryptoFraud #ProtectAmericans #DigitalJustice #MarketRebound #TrumpCongressSpeech
The digital asset boom has unleashed a Wild West of opportunity—and danger. Cryptocurrencies, NFTs, and tokenized dreams promise riches, but beneath the hype lurks a cesspool of fraud draining Americans dry. In 2024 alone, the FTC reported over $2.5 billion lost to crypto scams, a 300% spike from two years prior. This isn’t a glitch; it’s an explosion of exploitation, and the U.S. government must ignite a counterattack—now.
Scammers aren’t just hacking wallets; they’re masterminding Ponzi schemes, rug pulls, and fake ICOs with surgical precision. Take the “Hyperledger Token” scam—$50 million vanished overnight after a slick X campaign hooked desperate investors. Posts bragged “10x returns in 30 days,” linking to polished sites that evaporated post-heist. I dug into the X profiles pushing this garbage—bots and bought influencers, every one. The links? Dead ends hosted on shady offshore servers. This is the norm, not the exception.
Victims aren’t just tech bros. Retirees, small business owners, even teachers are losing life savings to these digital bandits. The SEC’s cracking down, sure—$1.7 billion in penalties last year—but it’s a Band-Aid on a gunshot wound. Fraudsters adapt faster than regulators can type. Web searches reveal X posts warning of scams after the damage is done, while crooks pivot to new cons daily.
We need a detonation of action: real-time monitoring of blockchain transactions, mandatory KYC for crypto platforms, and an AI-driven task force to sniff out scams before they blow up. Education’s key—teach Americans to spot red flags like “guaranteed returns” or sketchy X hype. Congress must stop debating and start legislating. The clock’s ticking, and every delay lets another fraud bomb drop.
Protecting Americans isn’t optional—it’s urgent. Digital assets can innovate, but not at the cost of our security. #CryptoFraud #ProtectAmericans #DigitalJustice #MarketRebound #TrumpCongressSpeech
Hackers Steal $840,000 from Orange Finance
Hackers Exploit Orange Finance Platform
Orange Finance, a major liquidity manager on the Arbitrum network, suffered a hacking incident resulting in the theft of $840,000. The Orange Finance team announced the breach on January 8 via X, urging users to avoid interacting with the protocol.
Details of the Attack
According to the team, the hackers gained control of the administrator address, upgraded the contracts, and transferred the funds to their wallet. The team confirmed that the contracts are no longer under their control and noted that they currently lack precise details about the attack.
Message to the Hacker
In a subsequent statement, the Orange Finance team revealed they contacted the hacker via an on-chain message. They requested a "positive response within 24 hours" and offered to handle the situation as a "white hat" matter without involving law enforcement agencies.
Funds Converted to Ethereum
Blockchain analytics firm Cyvers Alert reported that the hacker had already swapped the stolen funds for Ethereum (ETH). The Orange Finance team continues to investigate the incident and has advised users to revoke all contract approvals linked to Orange Finance to ensure their safety.
A Significant Loss for Arbitrum’s Largest Liquidity Manager
Before the attack, Orange Finance was the largest liquidity manager on the Arbitrum network, with over $1.5 million in total value locked, according to data from DefiLlama. This incident is a major blow to the platform’s operations and reputation.
Conclusion
The hack on Orange Finance highlights the risks associated with decentralized finance protocols. Users are urged to secure their funds and regularly review contract approvals to prevent similar incidents. The Orange Finance team is working to investigate the breach and recover the stolen funds.
#HackerAlert , #CryptoFraud , #CryptoScamAlert , #CryptoNewss , #HackerNews
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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.“
Orange Finance, a major liquidity manager on the Arbitrum network, suffered a hacking incident resulting in the theft of $840,000. The Orange Finance team announced the breach on January 8 via X, urging users to avoid interacting with the protocol.
Details of the Attack
According to the team, the hackers gained control of the administrator address, upgraded the contracts, and transferred the funds to their wallet. The team confirmed that the contracts are no longer under their control and noted that they currently lack precise details about the attack.
Message to the Hacker
In a subsequent statement, the Orange Finance team revealed they contacted the hacker via an on-chain message. They requested a "positive response within 24 hours" and offered to handle the situation as a "white hat" matter without involving law enforcement agencies.
Funds Converted to Ethereum
Blockchain analytics firm Cyvers Alert reported that the hacker had already swapped the stolen funds for Ethereum (ETH). The Orange Finance team continues to investigate the incident and has advised users to revoke all contract approvals linked to Orange Finance to ensure their safety.
A Significant Loss for Arbitrum’s Largest Liquidity Manager
Before the attack, Orange Finance was the largest liquidity manager on the Arbitrum network, with over $1.5 million in total value locked, according to data from DefiLlama. This incident is a major blow to the platform’s operations and reputation.
Conclusion
The hack on Orange Finance highlights the risks associated with decentralized finance protocols. Users are urged to secure their funds and regularly review contract approvals to prevent similar incidents. The Orange Finance team is working to investigate the breach and recover the stolen funds.
#HackerAlert , #CryptoFraud , #CryptoScamAlert , #CryptoNewss , #HackerNews
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.“
🚨 Мошенники атакуют Coinbase! 💸🔥
За 2 месяца пользователи потеряли $65 000 000 из-за хитрых схем социальной инженерии! 😱
💀 Как работают аферисты?
🔹 Клонируют сайт Coinbase 🕵️♂️
🔹 Рассылают страшные письма о «взломе» аккаунта 📩
🔹 Убеждают перевести деньги на «безопасный счёт» 💰➡️🕳️
👉 Как не попасться?
✅ Не кликайте по подозрительным ссылкам 🛑
✅ Проверяйте URL сайта перед входом 🔍
✅ Дважды подумайте, прежде чем переводить средства 🤔
Берегите свои криптодоллары! 💎💪 Будьте на шаг впереди мошенников!
#Coinbase #CryptoScam #Security #CryptoFraud #StaySafe #Bitcoin
За 2 месяца пользователи потеряли $65 000 000 из-за хитрых схем социальной инженерии! 😱
💀 Как работают аферисты?
🔹 Клонируют сайт Coinbase 🕵️♂️
🔹 Рассылают страшные письма о «взломе» аккаунта 📩
🔹 Убеждают перевести деньги на «безопасный счёт» 💰➡️🕳️
👉 Как не попасться?
✅ Не кликайте по подозрительным ссылкам 🛑
✅ Проверяйте URL сайта перед входом 🔍
✅ Дважды подумайте, прежде чем переводить средства 🤔
Берегите свои криптодоллары! 💎💪 Будьте на шаг впереди мошенников!
#Coinbase #CryptoScam #Security #CryptoFraud #StaySafe #Bitcoin
🚨 BREAKING: #SEC cracks down on $1.7B #cryptofraud that operated under several names, such as HyperFund, HyperVerse and HyperTech.
Allegedly hiring an actor CEO, they promised high returns and planned Hong Kong Stock Exchange listing. Funds were used for luxury purchases.
#Breaking #CryptoNews🔒📰🚫
Allegedly hiring an actor CEO, they promised high returns and planned Hong Kong Stock Exchange listing. Funds were used for luxury purchases.
#Breaking #CryptoNews🔒📰🚫
🚨 **Breaking News**: SEC charges Diana Mae Fernandez with fraud for promising cryptocurrency investments with guaranteed returns and embezzling $364,000 from at least 20 investors 🕵️♂️💼 #cryptofraud 🔒🚫
Nigeria: EFCC Arrests 792 Suspects in Cryptocurrency Fraud Scheme
Commission Uncovers Massive Cryptocurrency Scam
Nigeria’s Economic and Financial Crimes Commission (EFCC) conducted a raid resulting in the arrest of 792 suspects involved in schemes known as crypto romance scams. The fraudsters convinced victims to invest in fake cryptocurrency projects, leading to significant financial losses.
Links to International Groups
EFCC spokesperson Wilson Uwujaren revealed that among those arrested were 148 Chinese nationals and 40 Filipino citizens. The scammers operated from a luxury building in Lagos, Nigeria’s commercial hub. Most of the victims were citizens of the United States and Europe.
During the raid, agents seized computers, mobile phones, and vehicles. Uwujaren stated that Nigerian fraudsters were recruited by international groups to target victims online using phishing techniques. Once the victims’ trust was gained, their information was handed over to foreign counterparts, who carried out the fraud.
Collaboration with International Partners
The EFCC announced it is working with international partners to identify potential links to organized crime. This collaboration aims to strengthen actions against similar fraudulent activities.
Another Case: Nigerian Scammer Defrauds Australians of $5 Million
The arrests follow a separate case involving Osang Otukpa, who allegedly defrauded 139 Australians of $5.04 million (8 million AUD) through a fraudulent cryptocurrency platform called Liquid Asset Group.
Otukpa reportedly used five different aliases and lured victims through social media. EFCC agents apprehended Otukpa on December 6, shortly after he landed at Murtala Mohammed International Airport in Lagos. According to reports, he will be charged once the investigation is complete.
Conclusion
The EFCC continues to intensify its efforts to combat cryptocurrency fraud, working closely with global partners to curb these illegal activities. The crackdown on 792 suspects and cases like Otukpa’s highlight Nigeria’s strengthened fight against financial crimes.
#hackers , #Cryptoscam , #cryptofraud , #CryptoSecurity , #CryptoNewss
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.“
Nigeria’s Economic and Financial Crimes Commission (EFCC) conducted a raid resulting in the arrest of 792 suspects involved in schemes known as crypto romance scams. The fraudsters convinced victims to invest in fake cryptocurrency projects, leading to significant financial losses.
Links to International Groups
EFCC spokesperson Wilson Uwujaren revealed that among those arrested were 148 Chinese nationals and 40 Filipino citizens. The scammers operated from a luxury building in Lagos, Nigeria’s commercial hub. Most of the victims were citizens of the United States and Europe.
During the raid, agents seized computers, mobile phones, and vehicles. Uwujaren stated that Nigerian fraudsters were recruited by international groups to target victims online using phishing techniques. Once the victims’ trust was gained, their information was handed over to foreign counterparts, who carried out the fraud.
Collaboration with International Partners
The EFCC announced it is working with international partners to identify potential links to organized crime. This collaboration aims to strengthen actions against similar fraudulent activities.
Another Case: Nigerian Scammer Defrauds Australians of $5 Million
The arrests follow a separate case involving Osang Otukpa, who allegedly defrauded 139 Australians of $5.04 million (8 million AUD) through a fraudulent cryptocurrency platform called Liquid Asset Group.
Otukpa reportedly used five different aliases and lured victims through social media. EFCC agents apprehended Otukpa on December 6, shortly after he landed at Murtala Mohammed International Airport in Lagos. According to reports, he will be charged once the investigation is complete.
Conclusion
The EFCC continues to intensify its efforts to combat cryptocurrency fraud, working closely with global partners to curb these illegal activities. The crackdown on 792 suspects and cases like Otukpa’s highlight Nigeria’s strengthened fight against financial crimes.
#hackers , #Cryptoscam , #cryptofraud , #CryptoSecurity , #CryptoNewss
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.“
Hong Kong Fraud Group Using Deepfakes Exposed – Pretended to Be Wealthy Single Women
Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.
#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss
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.“
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.
#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss
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.“
Canadian crypto platform #ezBtc and its founder David Smillie defrauded customers, misappropriating C$13M ($9.5M) for gambling, per BCSC.
Over 935 $BTC and 159 $ETH were diverted for personal use.
#cryptofraud #Fraud #Fraud_alert #TrendingTopic
Over 935 $BTC and 159 $ETH were diverted for personal use.
#cryptofraud #Fraud #Fraud_alert #TrendingTopic
South Korea Cracks Down on Crypto Crime! New JIU Investigation Unit Launched
📢 South Korea has officially launched a specialized investigation unit focused on tackling crypto-related crimes and financial fraud. This elite team will target market manipulation, fraudulent projects, and other illegal activities in the crypto space.
🔎 The JIU Task Force: South Korea’s New Crypto Crime Unit
The Seoul District Prosecutors’ Office has announced the establishment of the Joint Investigation Unit for Virtual Asset Crimes (JIU), dedicated exclusively to crypto-related fraud and financial crimes.
🛑 Key Facts About JIU:
🔹 Comprised of 35 expert investigators, prosecutors, and financial regulators.
🔹 Works in coordination with the Financial Services Commission and the Financial Supervisory Service.
🔹 Led by Chief Prosecutor Park Geon-wook, along with two deputy prosecutors.
The unit aims to combat increasingly sophisticated and international crypto fraud schemes that have been rapidly growing in South Korea.
💰 From Temporary Task Force to Permanent Investigation Unit
🚀 Originally formed as a temporary task force in 2023, the unit was created to address the rising number of crypto-related fraud cases. However, with a significant increase in cases over the past two years, authorities decided to upgrade it to a full-fledged investigative department.
📊 Since July 2023, the unit has achieved remarkable results:
✅ Indicted 74 individuals for crypto fraud.
✅ Arrested 25 suspects involved in market manipulation and other illegal activities.
✅ Seized assets and funds from fraudulent crypto projects.
💬 "As crypto crimes become more sophisticated and international, we will strengthen our response system by closely cooperating with relevant agencies," a prosecution official stated during the unit’s inauguration.
⚖️ Major Cases Handled by the Task Force
🔹 December 2023 – The task force arrested the CEO of a crypto firm who manipulated token prices, generating $4.8 million in illegal profits.
🔹 Arrest of famous shaman Jeon Seong-bae – involved in a fraudulent crypto project called "Queen B," which scammed hundreds of investors.
🔹 Crypto-related murder – A Chinese citizen was allegedly murdered in Jeju during a crypto transaction, with suspects fleeing with 85 million won ($63,500 USD).
🚀 What This Means for the Future of Crypto in South Korea?
📉 This move signals South Korea’s tightening grip on crypto regulation to protect investors from fraudulent schemes.
✅ Stronger regulations may help stabilize the market and boost trust in crypto.
✅ Cracking down on market manipulation and money laundering could lead to a safer trading environment.
✅ Other countries might follow South Korea’s lead in setting up similar crypto investigation units.
💭 What do you think about South Korea’s move? Should other countries create similar crypto crime task forces? Share your thoughts in the comments! ⬇️
#CryptoCrime , #CryptoRegulation , #CryptoNewss , #CryptoSecurity , #CryptoFraud
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.“
🔎 The JIU Task Force: South Korea’s New Crypto Crime Unit
The Seoul District Prosecutors’ Office has announced the establishment of the Joint Investigation Unit for Virtual Asset Crimes (JIU), dedicated exclusively to crypto-related fraud and financial crimes.
🛑 Key Facts About JIU:
🔹 Comprised of 35 expert investigators, prosecutors, and financial regulators.
🔹 Works in coordination with the Financial Services Commission and the Financial Supervisory Service.
🔹 Led by Chief Prosecutor Park Geon-wook, along with two deputy prosecutors.
The unit aims to combat increasingly sophisticated and international crypto fraud schemes that have been rapidly growing in South Korea.
💰 From Temporary Task Force to Permanent Investigation Unit
🚀 Originally formed as a temporary task force in 2023, the unit was created to address the rising number of crypto-related fraud cases. However, with a significant increase in cases over the past two years, authorities decided to upgrade it to a full-fledged investigative department.
📊 Since July 2023, the unit has achieved remarkable results:
✅ Indicted 74 individuals for crypto fraud.
✅ Arrested 25 suspects involved in market manipulation and other illegal activities.
✅ Seized assets and funds from fraudulent crypto projects.
💬 "As crypto crimes become more sophisticated and international, we will strengthen our response system by closely cooperating with relevant agencies," a prosecution official stated during the unit’s inauguration.
⚖️ Major Cases Handled by the Task Force
🔹 December 2023 – The task force arrested the CEO of a crypto firm who manipulated token prices, generating $4.8 million in illegal profits.
🔹 Arrest of famous shaman Jeon Seong-bae – involved in a fraudulent crypto project called "Queen B," which scammed hundreds of investors.
🔹 Crypto-related murder – A Chinese citizen was allegedly murdered in Jeju during a crypto transaction, with suspects fleeing with 85 million won ($63,500 USD).
🚀 What This Means for the Future of Crypto in South Korea?
📉 This move signals South Korea’s tightening grip on crypto regulation to protect investors from fraudulent schemes.
✅ Stronger regulations may help stabilize the market and boost trust in crypto.
✅ Cracking down on market manipulation and money laundering could lead to a safer trading environment.
✅ Other countries might follow South Korea’s lead in setting up similar crypto investigation units.
💭 What do you think about South Korea’s move? Should other countries create similar crypto crime task forces? Share your thoughts in the comments! ⬇️
#CryptoCrime , #CryptoRegulation , #CryptoNewss , #CryptoSecurity , #CryptoFraud
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.“
Chinese Police Uncover Fraudsters Posing as “Investment Masters”
Shanghai Police Bust Cryptocurrency Scam Gang
Shanghai police successfully dismantled an organized group of fraudsters who scammed victims through fake investment platforms targeting cryptocurrency traders. Investigators in the Yangpu District arrested 16 individuals involved in the fraudulent scheme following an extensive investigation.
Fraudsters Used Fake Identities and Manipulation
The investigation revealed that the gang, led by individuals identified as Yang and Yu, infiltrated cryptocurrency investment chat groups while posing as “investment masters.” Using this tactic, they gained the trust of victims and directed them to a fake platform for cryptocurrency contract trading, which they had created.
On this platform, the fraudsters exploited victims’ desire for quick profits. Victims were persuaded to execute multiple trades, incurring high fees in the process. Manipulative tactics included convincing victims to increase their investments using a fraudulent “profit and loss ratio” mechanism. This trick led victims to believe their financial losses were due to poor market decisions rather than the fraudulent platform, allowing the gang to extract even more funds.
Arrests and Suspects’ Confessions
Following their arrest, all suspects admitted to their crimes. The Yangpu District police have placed the 16 individuals under compulsory criminal measures on suspicion of fraud. The case is currently under further investigation, according to authorities.
Conclusion
This case highlights the growing risks associated with cryptocurrency investments and fraudulent platforms. Police urge the public to exercise caution when engaging with unverified investment schemes and platforms.
#CryptoFraud , #CryptoNewss , #bitcoin , #ChinaCrypto , #Cryptoscam
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.“
Shanghai police successfully dismantled an organized group of fraudsters who scammed victims through fake investment platforms targeting cryptocurrency traders. Investigators in the Yangpu District arrested 16 individuals involved in the fraudulent scheme following an extensive investigation.
Fraudsters Used Fake Identities and Manipulation
The investigation revealed that the gang, led by individuals identified as Yang and Yu, infiltrated cryptocurrency investment chat groups while posing as “investment masters.” Using this tactic, they gained the trust of victims and directed them to a fake platform for cryptocurrency contract trading, which they had created.
On this platform, the fraudsters exploited victims’ desire for quick profits. Victims were persuaded to execute multiple trades, incurring high fees in the process. Manipulative tactics included convincing victims to increase their investments using a fraudulent “profit and loss ratio” mechanism. This trick led victims to believe their financial losses were due to poor market decisions rather than the fraudulent platform, allowing the gang to extract even more funds.
Arrests and Suspects’ Confessions
Following their arrest, all suspects admitted to their crimes. The Yangpu District police have placed the 16 individuals under compulsory criminal measures on suspicion of fraud. The case is currently under further investigation, according to authorities.
Conclusion
This case highlights the growing risks associated with cryptocurrency investments and fraudulent platforms. Police urge the public to exercise caution when engaging with unverified investment schemes and platforms.
#CryptoFraud , #CryptoNewss , #bitcoin , #ChinaCrypto , #Cryptoscam
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.“
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