Posts in category

Fraud


This post was originally published here A verified Twitter account masquerading as Elon Musk was used to publish and circulate a promoted tweet for a crypto giveaway scam Thursday morning, prompting an outcry from users and renewed scrutiny of the social media platform’s anti-scam practices. The since-deleted tweet was posted through the account @TylerFlorence, which …

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A verified Twitter account masquerading as Elon Musk was used to publish and circulate a promoted tweet for a crypto giveaway scam Thursday morning, prompting an outcry from users and renewed scrutiny of the social media platform’s anti-scam practices. The since-deleted tweet was posted through the account @TylerFlorence, which as of press time is still …

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This post was originally published here Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations. YoBit Pump in 22 hrs: …

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The Commodity Futures Trading Commission (CFTC) filed charges against two defendants for allegedly going to a number of lengths in attempts to steal bitcoin. The regulator announced late Friday that it was charging two individuals using the names Morgan Hunt and Kim Hecroft for “fraudulent solicitation, impersonation of a CFTC investigator and forging CFTC documents” …

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The Texas State Securities Board has taken emergency action against three crypto investment schemes it alleges are attempting to defraud local investors. According to a news release published Tuesday, the board’s commissioner, Travis J. Iles, entered a first emergency cease-and-desist order against Coins Miner Investment Ltd., a Russia-based cryptocurrency investment promoter that has been soliciting funds …

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The Financial Industry Regulatory Authority (FINRA) has charged a Massachusetts resident with securities fraud for an unregistered token sale in a first for the self-regulatory organization (SRO). Ayre allegedly sold unregistered securities in the form of the HempCoin token, which was said to represent an investment in his “worthless” company, Rocky Mountain Ayre (RMTN). FINRA …

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Belgium’s top financial regulator has issued a new warning about cryptocurrency scams. The Financial Services and Market Authority (FSMA) declared that “cryptocurrencies are the hype of the year” in an announcement published on Monday. The FSMA is a public institution that supervises the Belgian financial sector alongside the National Bank of Belgium (NBB). The regulator said in …

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Cryptocurrency investor Michael Terpin has sued the telecom giant AT&T, alleging that the company failed to protect his cell phone from a hacking incident that ultimately cost him $24 million. In a lawsuit filed by Los Angeles litigation firm Greenberg Glusker on August 15, Terpin claimed that AT&T’s employees have been complicit in a SIM swap …

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The U.S. Securities and Exchange Commission (SEC) announced Tuesday that it had secured new prohibitions against the founder of a company behind an allegedly fraudulent initial coin offering (ICO). The agency said that it obtained officer-and-director and penny-stock bars against David Laurance and his company, Tomahawk Exploration LLC. Tomahawk, the SEC alleges, sought to raise funds …

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The operator of defunct bitcoin investment platform BitFunder, Jon Montroll, is reportedly seeking a plea bargain over fraud and other charges laid against him by the U.S. Securities Exchange Commission (SEC). FinanceFeeds indicated Thursday that, according to a document submitted by Montroll’s legal counsel, “a plea agreement agreed upon in principle and expected to be …

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A federal judge has postponed any decision on a crypto fraud case brought by the Commodity Futures Trading Commission (CFTC) against alleged scammer Patrick McDonnell. Judge Jack Weinstein of the Eastern District of New York wrote in a court order Thursday that the CFTC must file “proposed findings of fact, conclusions of law, and [a] post-trial …

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The Commodity Futures Trading Commission (CFTC) is wrapping up its case against CabbageTech owner and accused crypto-fraudster Patrick McDonnell – but the hearings in New York this week have been anything but simple. The U.S. regulator is seeking a permanent injunction against McDonnell, who allegedly defrauded investors out of nearly $500,000, according to a lawsuit …

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U.S. President Donald Trump signed an executive order Wednesday creating a task force that will focus in part on developing guidance for cryptocurrency fraud investigations. The “Task Force on Market Integrity and Consumer Fraud,” according to the executive order, casts a wide net in its focus on consumer fraud. Yet notable for the crypto industry …

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Industrial conglomerate General Electric (GE) wants to use a blockchain to verify 3D-printed parts in its supply chain, according to a recently-published patent filing. Published by the U.S. Patent and Trademark Office (USPTO) on June 21 and submitted last December, the application outlines a method for integrating blockchains into additive manufacturing – commonly known as 3D …

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Ukrainian authorities have arrested four individuals suspected of running fake cryptocurrency exchanges, the nation’s federal police force announced Saturday. The National Police of Ukraine claimed in a press release that the suspects were arrested for operating as many as six fraudulent cryptocurrency exchange platforms. Cybercrime officials are still looking at the sites to establish how …

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Belgium’s government is backing a website that seeks to warn cryptocurrency investors about the signs of potential fraud. The new site, entitled “Too Good to Be True,” is run in part by the Belgian Federal Public Service Economy and the Financial Services and Markets Authority. Saying crypto assets “are the hype of the year,” the site warns …

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The Texas State Securities Board (TSSB) has issued cease-and-desist orders to two bitcoin investment schemes that it alleges are selling unregistered securities and making fraudulent claims to the state’s residents According to one order lodged on Tuesday, the securities regulator takes aim at a company called Forex EA & Bitcoin Investment LLC and two individuals associated …

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British business tycoon Richard Branson spoke out Thursday about the rash of bitcoin scam stories that have used his name to lure victims. “I have written several times warning people about the growing problem of fake stories online linking me to get-rich-quick schemes, fake pages, misleading ads, false endorsements and fake binary trading schemes,” Branson …

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Two men from South Korea have been sentenced for creating a bitcoin pyramid scheme that swindled some 20 billion Korean won ($20 million) from investors. On April 19, a judge from Seoul’s Incheon District Court issued fines of $15 million and $8 million, respectively, to the two fraudsters, according to local news source Yonhap. The report said …

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Police in China’s northwestern city of Xi’An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people. According to a report from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect …

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