#fraud News

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Mexico Leading in Crypto Usage and Adoption in Booming Latin American Market

October 7, 2020 by Shaurya Malwa at Bitcoin

The Latin American crypto market is leading among all others when it comes to cryptocurrency adoption and usage, noted local news outlet Economista in a report yesterday. The Latin American market captures over 7% of the estimated digital currency economy worldwide, with Mexico accounting for the largest share in the...

Longfin CEO Finally Reaches Settlement with U.S. SEC

January 6, 2020 by Osato Avan-Nomayo at Regulation

Venkata Meenavalli, former CEO of Longfin Corp. has finally settled with the U.S. Securities and Exchange Commission (SEC) according to a statement issued by the Commission earlier in January 2020. Longfin was one of the companies that made a pivot into blockchain and crypto during the 2017 bull run. Meenavalli...

generic us cryptocurrency crypto regulation illo

SEC Sues Shopin and its Founders for Fraudulent ICO Project

December 12, 2019 by Ogwu Osaemezu Emmanuel at Regulation

The United States Securities and Exchange Commission (SEC) has dragged the founders of Shopin (SHOPIN) to court for organizing a fraudulent initial coin offering (ICO) that enabled them to sell unregistered securities to investors from August 2017 to April 2018, according to a press release on December 12, 2019. SEC...

Indian Authorities Catch Bitcoin Thieves Defrauding Job Seekers

November 4, 2019 by Ogwu Osaemezu Emmanuel at Bitcoin

The Uttar Pradesh Special Task Force (STF) has arrested a gang of bitcoin (BTC) thieves who act as employment agents, posting fake overseas job offers online to defraud applicants of their cryptos. Authorities have succeeded in apprehending three members of the gang, seizing their ATM cards and Rs 21,300 (roughly...

U.S. SEC Obtains $6.8M Fraud Judgment Against Nasdaq-Listed Firm, Longfin Corp.

October 1, 2019 by Ogwu Osaemezu Emmanuel at Altcoins

Longfin Corp., one of the firms that suddenly joined the crypto bandwagon in a bid to take advantage of the bitcoin bull run of 2017, has been ordered by a New York federal court to pay nearly seven million dollars in penalties and disgorgement for fraudulent practices, according to a...

Fake Kate Winslet BBC Interview Promotes Fraudulent Bitcoin Scam

September 23, 2019 by Anthonia Isichei at Bitcoin

Hollywood actress Kate Winslet is looking to sue a group of bitcoin scammers who impersonated her to get money from unsuspecting investors. According to a report on September 23, 2019, the schemers alleged that the actress made her fortune through cryptocurrency investments. Tip of the Iceberg A group of online...

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....

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