Blockchain analytics firm CipherTrace released a report this morning showing that roughly $ 1.7 billion in cryptocurrency was stolen or scammed over the course of 2018. The amount stolen by hackers alone is staggering: over $ 950 million. The figure represents an increase of more than 300% from 2017. The scams noted in the report don’t even include individual user scams. Instead, they focus on exchange exit scams, phony exchange hacks, and ICO scams. They account for an additional $ 725 million. The Dark Downside of the Crypto Boom If you adjust for the lower prices of cryptocurrencies in 2018, as much as
AtomicPay’s CEO believes that scams and volatility are the primary things holding back public mass adoption of cryptocurrencies. The Thailand-based company is a non-custodial crypto payment processor. They are one of the few crypto payment processors that facilitates payments for multiple cryptos without holding merchant funds in escrow and charging a fee before releasing funds.
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Canadian police have warned the public about getting caught up in Bitcoin scams and to exercise some caution when investing their money in cryptocurrency. It has been an interesting year for crypto scams and controversies with some of the most famous names in the world such as Floyd Mayweather and DJ Khaled getting caught up
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Between September and November 2018, a total sum of $ 78,000 was lost to cryptocurrency scammers in Singapore after they used a series of strategies involving spreading false information about fake investments online to attract investors. A Straits Times report reveals that the scams were specifically designed to appeal to Singaporean residents by using well-known local personalities
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Elon Musk is not giving away any crypto, so you know. It’s not a thing that happens, no matter what you’ve heard. Which is what scams like this rely on: word of mouth. Hey, did you hear you can get free Bitcoin and Ether from Elon Musk? I saw it on his Twitter page. The … Continued
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Last week’s bitcoin “giveaway” scams on Twitter, which saw one of Google’s social media accounts compromised, was the result of a hacked third-party provider and not the social media platform’s system, Twitter has claimed. In an email correspondence with Hard Fork, the tech company firmly established that a loophole in an unnamed third-party app was exploited
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In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies.
Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways.
Google's G Suite Twitter Account is Hacked!! pic.twitter.com/JdB7huGksO
— Burton (@B_u_r_t_o_n) November 13, 2018
Target’s Twitter account, which is followed by nearly 2 million users, posted a tweet, confirming the hack which occurred on November 13, 2018. The retailer stated:
According to Korean blockchain news provider Blockchain ROK, newcomer exchange Pure Bit has effectively exit scammed with at least 13,000 in investor Ethereum in hand. As evidence of the scam, BROK points to the fact that the exchange’s CEO has changed his name on popular Korean social media network Kakao to “I’m sorry” in the
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When it comes to explaining this never-ending bear market, positive affirmations seem to be the rationale du jour. Here’s another “HODL on FFS” theory that forecasts the eventual crypto-boom by drawing comparisons between the Dot-com era and the nascent blockchain industry.
Crypto = Dot-com Era?
Benedict Evans, a partner at Andreessen Horowitz, recently tweeted that “crypto today” is nearly identical to the internet in 1993 and 1999. Evans went on to explain that in the 90s the internet had “huge potential with few of the use cases invented yet.”
Oyster Protocol is a hybrid IOTA/Ethereum smart contract platform designed to help websites garner revenue. Instead of traditional advertising, users of websites contribute their computing resources, enabling the website owner to garner Oyster Pearls (PRL) by securing and contributing to services offered by Oyster. PRL — which is an ERC-20 token and runs on Ethereum
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A Canadian cryptocurrency exchange has closed down, claiming that a hacker had withdrawn all the funds. But many are suggesting that this is nothing more than an exit scam.
A Scam I Am?
The exchange, MapleChange, opened in May and listed 62 tokens, including Bitcoin, Litecoin, and Ethereum. Volume was modest, peaking at $ 67k, but there were enough regular users to amass a healthy balance sheet. According to some sources, the amount stolen in the ‘hack’ was 913 bitcoin (close to $ 6 million).
Cybersecurity company Recorded Future has released a lengthy expose claiming that North Korea uses cryptocurrency to skirt U.S.-imposed economic sanctions alongside a shady network of collaborators and enablers in Singapore. The company claims that in addition to mining coins like bitcoin and monero, North Korean leaders have also been involved in promoting cryptocurrency scams that … Continued
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CoinStats launches CoinStats Direct — An exclusive crypto chat for coin investors and coin teams.
CoinStats is the number one place for cryptocurrency news, featuring articles from ourselves here at Crypto Daily.
With their latest announcement, CoinStats are set to revolutionise the way the cryptocurrency community communicates, with the introduction of CoinStats Direct, a new chat feature setup to help crypto-fanatics communicate.
CoinStats Direct is a crypto chat community for each specific cryptocurrency within CoinStats. Users can jump in, post questions, and have conversations with other coin owners about coins they are interested in. CoinStats is also introducing features for cryptocurrency teams to be able to post updates, product roadmaps, and answer top voted questions right from within the CoinStats app.
The Texas State Securities Board has issued an emergency action to halt the deceitful offerings of investments in three cryptocurrency related schemes. The agency entered a cease and desist order against Coins Miner Investment Ltd, DigitalBank Ltd, as well as Ultimate Assets, who is charged for offering Texans misleading ROIs and promising to grow an
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Dubai Police currently investigating a Dh 300 million ($ 81.7 million) international fraud case have issued a warning about the potential role of digital assets in terms of facilitating crime in the UAE. Speaking at a forum on Sunday September 16, Major-General Khalil Ibrahim Al Mansouri, assistant-commander of criminal investigation department (CID) at the Dubai Police warned … Continued
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According to new findings, sextortion scams have made around $ 500,000.00 worth of Bitcoin in the past couple of months in a trend that is seeing more and more people fall for fraudulent emails that claim to have video evidence of the victim ‘misbehaving’.
What is a Sextortion scam?
A sextortion scam exists as an email that suggests the victim has been videotaped watching porn or masturbating. The emails threaten the victim with sending the video to family and friends if they don’t pay a ransom (usually in Bitcoin) by a select deadline.
The Federal Trade Commission (FTC) is attempting to combat bitcoin blackmail scams by offering consumers advice through its website. In a bulletin published on Aug. 21, the FTC Division of Consumer and Business Education posted a sample quote from a typical BTC blackmail scam: “I know about the secret you are keeping from your wife … Continued
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ICO exit scams over the last two years have left people $ 96.8 million out of pocket, according to data compiled by blockchain intelligence firm Diar.
However, this is only a drop in the ocean with regards to the influx of investment the cryptocurrency space is receiving. For context, blockchain start-ups have raised over $ 6.8 billion from ICOs in 2018 alone. Nonetheless, $ 100 million is an eye-watering amount. Let’s look at the top 5 ICO exit scams.
Sales for an exclusively African cryptocurrency opened up in August to those with a South African bank account — seemingly capitalizing on virtual currency’s popularity in the nation. Despite growing interest, however, scams and fraud are still rife in the country.
Cryptocurrencies like Bitcoin have seen a surge in popularity across South Africa as the nation grapples with growing political and economic uncertainty.
The nation has made international headlines as the ruling African National Congress (ANC) and President Cyril Ramaphosa discuss contentious land reform policies in a country facing high unemployment rates and liquidity crises.