Posts in category

Fraud


Months after China’s clampdown on initial coin offerings (ICOs), professional ICO white paper copywriters are still offering services, including fabricating information, reports suggest. The People’s Bank of China notably banned domestic initial coin offerings in September 2017, yet searches using key words such as “ICO,” “blockchain” and “whitepaper” result in dozens of online stores on …

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Yet another lawsuit seeking class-action status has been filed in Florida against BitConnect, constituting the third legal action of its kind to be initiated in the state and the fifth overall in the U.S. Florida residents Andrew Kline, Dusty Showers and Lena Hunt, along with Rhode Island resident Charles Mabra, filed the lawsuit in the U.S. …

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Police have apprehended a Russian citizen believed to be the number two in an international cybercrime organization, the Bangkok Post reported. Sergey Sergeyevich Medvedev was arrested in Bangkok last Friday, Feb. 2, by the Thai Crime Suppression Division (CSD) on a request from the US Federal Bureau of Investigation. A laptop and documents were taken …

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With the success of Blockchain technologies in preventing the double-spend issue in cryptocurrency, a new technology company is applying this approach to stem the incredible rise in digital advertising fraud. The rise and rise of fake views Last year saw digital advertising secure its dominance of the global marketing industry, overtaking worldwide TV sales for …

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South Korean officials believe that North Korean hackers stole tens of millions of dollars’ worth in cryptocurrencies last year, according to local reports. Kyodo News reports that the National Intelligence Service (NIS), briefing the country’s lawmakers on the cyber attacks, said that phishing scams and other methods had yielded tens of billions of won in …

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Texas’ securities agency has issued another cryptocurrency-focused emergency cease-and-desist order, this time against a lending scheme called DavorCoin. In its latest filing, signed Feb. 2, the Texas State Securities Board (TSSB) alleges DavorCoin has been issuing unregistered securities with fraudulent and misleading information to lure investors. The filing arrives just days after the TSSB gave …

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A number of Twitter accounts masquerading as notable cryptocurrency developers and startups have been soliciting funds with promises of major gains. With the rise in value and popularity of cryptos, such scam accounts have been on the rise – asking for small donations of various cryptocurrencies on the social media platform. In exchange, these scams …

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A U.K. resident tried to purchase a bitcoin miner off of Amazon last year – but received a DVD copy of an animated film instead. As reported by local media including The Herald, Plymouth resident Ichim Bogdan Cezar was trying to buy a Bitmain AntMiner S9 at a cost of about $5,000. Yet rather than …

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The Bulgarian Special Prosecutor’s Office is involved in a wide-ranging, international investigation into companies and persons behind the digital currency investment scheme OneCoin, which has been widely accused of constituting a pyramid scheme. In a Jan. 19 statement, the office said that it was collaborating with officials in Germany as well as those from international groups …

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The U.S. Commodity Futures Trading Commission (CFTC) brought two lawsuits against allegedly fraudulent cryptocurrency investment schemes yesterday. The cases, both filed in the U.S. federal court in the New York Eastern District, are the latest move from the country’s derivatives regulator in bringing closer scrutiny over activities involving cryptocurrencies, which the agency regulates as commodities. …

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On Jan.10 the Securities and Exchange Board of India (SEBI) barred PricewaterhouseCoopers (PwC), one of the “Big Four” accounting firms, from auditing India listed firms for two years for failing to spot $1.7 bln accounting fraud at IT services company Satyam Computer Services. The Satyam accounting fraud scandal followed by its downfall broke on Jan. …

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Decentralization and its effect on the economy is a controversial topic that has pervaded discussion throughout online communities as well as mainstream and alternative media outlets thanks, in part, to Bitcoin’s roller-coaster ride throughout 2017. This phenomenon has also threatened the infrastructural payment processing monopolies whose power has traditionally owed to their near-absolute control over …

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Since its inception in 2009, Bitcoin pioneered the way for cryptocurrencies and has boomed into mainstream consciousness in 2017. Blockchain technology promises liberation from centralized banking, but its anonymous nature also puts it in the sights of government and security agencies. A prime example is the now defunct Silk Road, which was an online marketplace …

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The US Securities and Exchange Commission (SEC) today proved how serious they are about prosecuting scam ICOs by filing an emergency asset freeze against PlexCorps. Owners Dominic Lacroix and Sabrina Paradis-Royer were also targeted the by order. The SEC describes Lacroix as “recidivist Quebec securities law violator.” The scam According to a press release from …

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Marc Hochstein is the managing editor of CoinDesk and the former editor-in-chief of financial industry publication American Banker. The following opinion piece originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday, exclusively to our subscribers. As children, we all heard the story of the boy who cried wolf and learned that the moral was not to …

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Expert Blog is Cointelegraph’s new series of articles by crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and get published on Cointelegraph, please send us an email at mike@cointelegraph.com. Initial Coin Offering (ICO) is a new way of …

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In a move that’s sure to draw the ire of ICO naysayers, a recent ICO has completely vanished after raising $347,000. The ICO, called Confido, sold tokens called CFD and claimed to offer ‘safe and trustless cryptocurrency payments.’ The site and the project’s subreddit have completely disappeared, leaving no trace of the funds or the …

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The European Parliament has released a research paper that explores blockchain, among other technologies, in the prevention of odometer tampering. The report, issued by the Directorate General for Internal Policies, investigates the possible role of blockchain technology in the use case, concluding that it might “present interesting potentials” for effective prevention of fraud through increased …

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The Worldwide Asset eXchange Token Main Sale is opening today. Many experts agree that this could well be the last big sale of 2017. What makes WAX so special in today’s cluttered and noisy token sale market? A number of things, but most importantly — the industry in which it operates. WAX is ready to …

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Police in Canada have issued a warning over a bitcoin tax scam after more than 40 York region residents fell victim to fraudsters. According to a report by CBC News, York Regional Police said that victims lost as much as 340,000 Canadian dollars (US$267,000) through the scam. The fraudsters, who identified themselves as employees of the …

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