#fraud News

Israel’s Orbs Blockchain Project Dragged to Court for Fraud

August 6, 2019 by Ogwu Osaemezu Emmanuel at Business

Founders of the Orbs distributed ledger technology (DLT) project, Uriel and Daniel Peled have been sued by Elad Arad, a former partner of the duo in a failed joint venture called CoinTree Capital. Arad claims Uriel and Peled used the resources of CoinTree Capital to launch new crypto startups while...

U.S. Man Indicted for Running Illegal Bitcoin Exchange

July 25, 2019 by Ogwu Osaemezu Emmanuel at Bitcoin

William Green, a Monmouth County, New Jersey resident has been indicted by a federal grand jury for operating a bitcoin trading business dubbed “Destination Bitcoin” without registering with the Secretary of the Treasury as required by the law, according to a press release on July 24, 2019. End of the...

Abu Dhabi Crown Prince Infront of Red Skull Images

Crypto Scammers Defraud UAE Residents Using Fake Crown Prince Endorsement

July 3, 2019 by Ashwath Balakrishnan at Bitcoin

Adding to the number of false schemes and scams in the cryptocurrency space, a scheme reportedly run from Argentina and Ukraine has been outed for falsely claiming their investment product was endorsed by Crown Prince Sheikh Mohammed bin Zayed, guaranteeing to "make you rich in seven days", as reported by...

Europol Arrests Six in $27 Million Cryptocurrency Phishing Scheme

June 26, 2019 by Ashwath Balakrishnan at Crime, News

Six people have been arrested in the UK and Netherlands for running a phishing scheme that targeted cryptocurrency users through a method called typosquatting. In a press release issued June 25, 2019, Europol revealed the arrests were made based on intelligence and cooperation between English and Dutch authorities. Elaborate Phishing...

“Coyote of Wall Street” Patrick McDonnell Admits to Committing Crypto Fraud

June 24, 2019 by Aisshwarya Tiwari at Crime, News

Patrick McDonnell, a New York resident who goes by the nickname of “the Coyote of Wall Street” recently pleaded guilty to a cryptocurrency related wire fraud in federal court in Brooklyn. This, according to a report by Bloomberg, June 22, 2019. McDonnell Admits to Stealing Client Funds A market bull...

Big box of money below cuffed hands, Longfin on the box. Can't touch that money now.

Longfin CEO Charged by Prosecutors for Propping up Books

June 6, 2019 by Ashwath Balakrishnan at News, Regulation

Longfin, a FinTech company specializing in structured trade solutions, was previously charged by the SEC for securities fraud and froze $27 million worth of assets. In a press release, the SEC revealed they are now charging ex-CEO, Venkata Meenavalli, with cooking the books and faking 90 percent of the company's...

SFOX Crypto Traders to be Insured with FDIC Protection

May 15, 2019 by Mohammad Musharraf at Exchange, Finance, Investment, News

Cryptoasset prime dealer and trading platform SFOX revealed that they have partnered with the New York-based M.Y. Safra Bank to offer its trader with deposit accounts insured by Federal Deposit Insurance Corp. This according to a Bloomberg report published May 14, 2019. First Ever for Crypto Investors Given the magnitude...

Cryptocurrency washing machine with bitcoin inside it discovered by EUROPOL Detective

Major Crypto Laundering Business Uncovered in Spain

May 9, 2019 by Mohammad Musharraf at Altcoins, Bitcoin, Crime, News

Europol has announced the arrest of eight individuals in Spain who allegedly have ties to a criminal organization that is involved in cryptocurrency laundering services, May 08, 2019 $10 Million Credit Received in Cold and Hot Wallets It seems as though the more the regulatory authorities are trying to bind...

Crowdfunder Sued for Misappropriating Funds over $800,000 to Buy Bitcoin

May 8, 2019 by Anthonia Isichei at Bitcoin, Crime, Investment, News

The U.S. Federal Trade Commission (FTC) recently filed a lawsuit against a crowdfunder who diverted customers’ funds to purchase bitcoin. According to The Next Web, the entrepreneur raised funds over $800,000 to buy iBackPacks but instead diverted the funds to personal use such as buying crypto and paying off credit cards debts....

Person on a Phone with a Red Bitcoin Screen

New York Police Warn Citizens of Cryptocurrency Phone Scams

May 3, 2019 by Anthonia Isichei at Bitcoin, Commentary, Crime, News

In New York, Bitcoin scammers are impersonating Social Security Administrators. A report by The Next Web reveals the New York Police Department (NYPD) sent out a warning to the public, alerting them to fraudsters who call and ask for payment in bank wire transfers, bitcoin (BTC), and prepaid gift cards. “Just Hang...

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