By CCN Markets: Avowed Bitcoin critic Nouriel ‘Dr. Doom’ Roubini has found another target – Facebook’s upcoming cryptocurrency Libra, on the day of its announcement. According to the New York University economics professor, Libra is ‘blockchain in name only’. Roubini: Libra is just another profit driver for Facebook Further, Roubini argued that Facebook’s cryptocurrency was only designed to grow the social media giant’s profits. Per Roubini, Libra is a ‘monopoly scam’ given that Facebook boasts of billions of users spread across the world. It will start as a private, permissioned, not-trustless, centralized oligopolistic members-only club. So much for calling it
By CCN Markets: A cryptocurrency investment scheme in South Africa’s Kwa-Zulu Natal Province has proven that having an unoriginal name, Bitcoin Wallet, never stopped any scam from raking in tens of thousands of dollars daily from the masses. According to The Citizen, the cryptocurrency scam is operating from Kwa-Zulu Natal’s rural town of Ladysmith. The scam is estimated to be drawing in R2 million ($ 135,000) daily in a town of just over 60,000 people. The investment scheme owned and operated by Sphelele ‘Sgumza’ Mbatha is promising returns of 100 percent within 15 working days. Initially, the lowest investment amount
By CCN Markets: A gang in India’s Madhya Pradesh state which scammed U.S. citizens hundreds of thousands of dollars through Bitcoin and other methods has been busted and its members arrested. The gang which ran its operations out of a call center is estimated to have made around $ 1.7 million. According to the Business Standard, the gang consisted of 78 people who operated out of three call centers. The gang had reportedly obtained the social security numbers of around 100,000 U.S. citizens. They had also obtained cell phone numbers and other identifying information. Per the police, the duties of most
Nearly 100 victims from various parts of China have reported to the Hangzhou police bureau, claiming that they were deceived by two young men, named Zhou Yi and Li Xiang, who allegedly stole nearly 7,000 bitcoin through exchanging or borrowing.
According to the victims, Zhou and Xiang had claimed on the internet that they could exchange bitcoin as futures and provide interest. The victims trusted them, as some preliminary orders in small amounts were delivered on time. As the pair could offer bitcoin at prices lower than the market rate and delivery seemed stable, they soon collected several thousand orders.
On January 26, 2019, clients of peer-to-peer bitcoin trading service LocalBitcoins were the targets of a phishing scam which resulted in the theft of a handful of bitcoins.
The Scam’s Operation
Reports claimed that the attacker was able to conduct the scam thanks to a security vulnerability on the LocalBitcoins platform. The landing page of the site’s forum reportedly was hacked, leading clients to a phishing site.
The phishing site was designed to carefully mimic the features of the actual LocalBitcoins landing page. Once on it, users were prompted to log in and provide their sensitive, two-factor authentication codes.
More than a dozen suspects have been arrested in Taipei for their part in an alleged Taiwan cryptocurrency scam that is worth in the region of $ 8 million. The scam surrounds a cryptocurrency called IBCoin, which was supposedly used to part investors from their cash in Taiwan. 2018 was a bad year for the crypto
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Prosecutors in Taiwan indicted seven bitcoin traders for allegedly operating a sham crypto investment scheme that bilked $ 51 million from more than 1,000 investors. The ringleader was a 47-year-old man whose surname is Lin, Focus Taiwan reported. The alleged scammers were charged with multiple violations of Taiwanese banking and business laws. The group of seven were arrested
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A British security researcher has revealed a new scam used by cybercriminals to generate money by deceiving internet users. According to the researcher, the criminals make money from webpage views by spoofing BBC News web pages and rerouting users to affiliate websites which generate bitcoin for the scammers. Appearing just after the holidays across the UK, the
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Delhi cyber crime police have made further developments in the unfolding cryptocurrenvy scam run by an organization going by the name ‘Flintstone Group’. The group launched a fraudulent cryptocurrency called Money Trade Coin (MTC), hoodwinking 25,000 investors with promises of massive returns which, of course, never materialized. After making three arrests last year including Flintstone
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Four Hong Kong investors have come out to demand refunds of the capital given to Wong Ching-kit, a businessman who sells Bitcoin mining equipment, after claiming that the 24-year-old crypto promoter scammed them. According to a report on the South China Morning Post (SCMP), the affected investors have suffered losses around HK$ 20,000 (roughly $ 25,000) to
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A bitcoin exchange in Singapore reported on January 3 that on New Year’s Day their data center experienced a “fire.” Fears of an exit scam began to mount. According to them, this fire results in 7% of users losing access to their accounts. The events coincided with the first annual Proof of Keys event. BiteBTC.com
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Back in September, biotech billionaire Phillip Frost and eight other individuals were charged by the SEC for a penny stock scheme deemed fraudulent. Frost was not at the core of the scheme, which involved buying up penny stocks and effectively pumping their value only to dump them at massive profits. Overall, before they were caught,
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An attack on the Electrum bitcoin wallet has so far netted hackers over 200 bitcoin worth around $ 750,000. The attack began on December 21, 2018. Though it has victimized some unsuspecting users, it can be avoided. Electrum is a Bitcoin wallet which doesn’t require the user to download the full blockchain. Instead, servers remotely provide
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Belgium’s Financial Services and Markets Authority (FSMA) has added 14 new websites to its growing list of websites flagged as cryptocurrency investment scam platforms. The number of websites on the list now stands at 113 with the new additions as the regulator continues its ongoing effort to protect Belgian investors from the relatively new and
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A website claiming to be taking advantage of an unexplained “exploit” in Bitcoin to “generate” coins on behalf of its users has scammed more than .8 BTC to date. We tested the “service” in order to be sure that it was a scam. Located at bitcoin-generator-2018.bid, the way the scam works is simple enough: it
Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $ 32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients.
Exchange Enters Into Voluntary Administration
The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.
Jared Rice Sr., CEO of the Dallas-based bank AriseBank, was arrested by the Federal Bureau of Investigation (FBI) on Wednesday, November 28, 2018, and charged with six counts of securities fraud and wire fraud. Rice is accused of scamming investors out of more than $ 4 million through a cryptocurrency scam that promised federally insured accounts and brand-name credit cards.
Indian police in the city of Pune have charged Amit Bharadwaj along with three other individuals – Vivek Bharadwaj, Pankaj Adlakha and Hemant Bhope, involved in a multi-level marketing (MLM) crypto scam. It is alleged that Amit who is the central character of the trial collected about Rs 10 crore (about $ 1.42 million) from unsuspecting
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The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phone scammers demanding payment through bitcoin ATMs. It said payments via BTC cash machines have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority.
Tax Month November Is Prime Time for Fraudsters
Around one million Australians are due to pay their taxes to the ATO on Nov. 21. In a statement on Wednesday, ATO assistant commissioner Kath Anderson said fraudsters are growing increasingly sophisticated. They hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information, she lamented.
Google has become the latest victim of the rampant bitcoin “giveaway” scams proliferating on Twitter. For a little over ten minutes on Tusesday, the Twitter account of the online search giant’s suite of productivity apps and tools, G Suite, was hacked and used to promote a fraudulent bitcoin giveaway. Initially reported by Hard Fork, the
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