Tag: scams

The monumental rise of Initial Coin Offerings (ICOs) as a form of fundraising in 2017 was undoubtedly impressive, with industry observers expressing both criticism and acknowledgment of the process.  Now, the method has been studied in detail by academics, who sought to point out the technique’s incredible success rate in proportion to Twitter metrics. Twitter Followers and ICO Returns According…

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Cryptocurrency scams were perhaps the most widely reported feature of the digital asset class, apart from their mammoth price increase. Millions of dollars have been fleeced from unsuspecting investors, who needed nothing more than a functional website and a basic whitepaper to consider a project as “trustworthy.” Scammers Adept At Following Trends Results from a recent Australian Competition and Consumer…

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While some companies are investing, adopting, and utilizing cryptocurrencies or its related products, “FANG” stock companies are persistently avoiding the digital asset in all forms. The latest to do so is Microsoft Bing, which joins Google and Facebook in their decision to ban cryptocurrency-related advertisements on their platforms. Move to Avoid Lawsuits Announced via an official blog post on May…

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Without a doubt, cryptocurrencies are the 21st century’s most mysterious invention, with a very few people able to fully explain their working or be considered as actual “experts” in the field. However, a mysterious story is not enough to ensure the digital asset class’ longevity, feels economics Nobel Award winner Robert Shiller. ‘Devotees’ Emotionally Invested in Digital Assets On May…

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In recent years, the cryptocurrency space has undoubtedly drawn considerable attention, with media reports generally focusing on the monetary aspect of digital assets, as opposed to its underlying blockchain technology. However, investors looking to make a quick buck have been targeted by hackers and scammers, either with the lure of a fraudulent digital currency or with a pyramid scheme disguised…

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 The Securities and Exchange Commission (SEC) has created a scam Initial Coin Offering to teach would-be investors what they should look out for before investing in such projects. The regulator has launched a fake coin offering website dubbed “Howey,” all in the effort of warning investors about fraudulent cryptocurrencies. SEC Launches Howey Coins HoweyCoins.com mimics a bogus coin offering in…

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Blockchain technology company Bitfury is serious about stamping out bitcoin scams and now has the muscle to fight it. Bitfury has hired Michael DuBose, the former head of the Computer Crime unit at the U.S. Department of Justice, to roll out its bitcoin blockchain tracking product, Crystal. DuBose said in a statement:  “Crystal makes it much easier to identify and…

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Two South Korean individuals, whose names remain anonymous, were arrested this week for running a $30 million cryptocurrency Ponzi scheme in Busan, the second largest city in South Korea behind Seoul. Ponzi Schemes Have Become a Major Issue Over the past nine months, the two individuals established an office in Busan without the approval of local authorities and received more…

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Another day, another scam. That is, unfortunately, the reality of the current state of the cryptocurrency industry where the pseudonymity of bitcoin and most other digital currencies provides an alluring feature for scammers to operate. Authorities around the world, however, have started to crack down on cryptocurrency scams to put a dent into this unfortunate trend. One regulatory authority that…

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Electrum, one of the most well-known and secure bitcoin wallet application, released a warning with confirmed evidence of a copycat wallet client called “Electrum Pro,” that fraudulently phished a user’s wallet keys to steal funds. Fraudulent Affair Launched in 2011, Electrum is known for its friendly interface and accessibility alongside using advanced security measures such as multisig authentication and compatibility…

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