Tag: fraud

The Taiwanese authorities have officially pressed charges against the seven fraudsters who were arrested in June last year for allegedly running a bitcoin-powered Ponzi scheme, reported local news source Focus Taiwan on January 18, 2019. Multiple Banking Laws Violated Per sources close to the matter, the Taichung District Prosecutors Office has indicted seven residents for allegedly organizing a cryptocurrency Ponzi…

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Exactly a year after Thane security operatives crushed a scam cryptocurrency project worth five billion rupees, Delhi police have reportedly arrested another associate of the head of the scheme according to local media, The Indian Express on January 7, 2018. Scam ICO Busted Per sources close to the matter, Amit Lakhanpal, a 32-year-old Indian resident launched a fraudulent cryptocurrency project…

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On December 11, 2018, LongHash reported details on the lopsided gender stats in the blockchain space. The analysis iterates one of the most common injustices in the space, but what’s more important is the fact that these figures haven’t changed much since initial reports on the same subject. Hashing out Gender Data In tracking the 100 blockchain startups with impending…

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According to a report by ZDNet, published on December 10, 2018, cybercriminals have doubled-down on their efforts to hack into internet-exposed Ethereum wallets and mining equipment. Publicly Exposed Ports Risk Holders Wallets Per the report, cybercriminals are actively scanning for crypto equipment with port 8545 exposed online. Notably, port 8545 is the standard port for the majority of the Ethereum…

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Steven Peikin, the co-director of the SEC’s Division of Enforcement gave a speech at the Harvard Law School’s Program on the importance of international cooperation in pursuing fraudulent ICOs on December 3, 2018. Peikin highlighted the need for global assistance when it comes to fighting fraud in the ICO and cryptocurrency sector, as many of the sponsors and founders are…

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The FBI has arrested the CEO of Dallas-based AriseBank on November 28, 2018, reports Dallas News.  The arrest was made after allegations of company CEO, Jared Rice Sr. duping hundreds of investors out of more than $4 million. Reportedly, Rice had tricked the investors into a ponzi cryptocurrency scheme, promising them federally insured accounts and VISA approved crypto credit cards….

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SBI Ripple Asia has recently partnered with the Japanese Payment Card Consortium to fight fraud with blockchain technology. According to BankingTech’s article published on November 22, 2018, the participating companies plan to prevent the damages caused by fraudulent transactions, by sharing data and information on a real-time basis along Corda, R3’s open-source blockchain platform. Payment Card Consortium to Share Data…

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Nicholas Truglia, a 21-year old con man, residing in Manhattan, New York, was arrested by the local police at his apartment for hacking into others mobile phones to steal cryptocurrencies, reports New York Times on November 20, 2018. 21 Felony Counts for Trying to Steal Cryptocurrencies According to the officials, Truglia orchestrated hack attacks from his apartment at West 42nd…

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Joseph Kim, a 24-year old Phoenix, Arizona resident has been sentenced to one and half year in jail for defrauding his former employers, Consolidated Trading and friends over $1 million in bitcoin (BTC) and litecoin (LTC), using the funds for his personal enrichment, reported Finance Magnates on November 18, 2018. Another Bad Actor Goes Down According to sources close to…

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A fraud prosecution case in the United States (U.S.), involving initial coin offerings (ICO) recently ended in a guilty plea. According to a Bloomberg article published on November 15, 2018, the guilty man, Maksin Zaslavskiy, admitted to the U.S. judge that he had raised millions in investment and lied to approximately 1,000 investors. Guilty Man Raises ICO In Real Estate and Diamonds…

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